Democrat under Further Investigation for Illegal Stock Trading
Rep. Tom Malinowski’s (D-NJ) hundreds of trades allegedly violated federal STOCK Act
A Democrat representative has come under further investigation by the House Ethics Committee over allegations he violated federal law to enrich himself through illegal stock trading.
The Committee announced Thursday it will further investigate Rep. Tom Malinowski (D-NJ) for allegedly violating the federal STOCK Act of 2012.
Malinowski is accused of abusing his position in Congress to carry out hundreds of illegal transactions.
The committee’s ranking member Rep. Jackie Walorski (R-IN) and chairman Rep. Ted Deutch (D-FL) wrote in a statement that the committee agreed to expand the investigations into Malinowski.
The Committee agreed in a five to one vote that to further investigate the Democrat lawmaker's alleged violation of the federal STOCK Act.
In their October report, the committee wrote:
Rep. Malinowski did not file Periodic Transaction Reports (PTRs) for stock transactions he made between 2019 and 2020.
If Rep. Malinowski failed to properly disclose stocks that he purchased or sold or failed to properly file PTRs for any of the stock transactions he made, then he may have violated House rules, standards of conduct, and federal law.
“There is substantial reason to believe that that [sic] he failed to properly disclose stocks that he purchased or sold or failed to properly file PTRs for any of the stock transactions he made,” the report added.
The National Republican Congressional Committee (NRCC) spokeswoman said, “Tom Malinowski just can’t stop breaking the law. He’s a corrupt politician who will be held accountable for his crooked behavior by New Jerseyans and now, potentially the House Ethics Committee.”
Neon Nettle has previously reported on Malinowski’s alleged violations of House ethics rules by failing to report hundreds of thousands of dollars in trades on time.
As Breitbart reported last month:
In March, Malinowski received two congressional ethics complaints on dozens of his stock trades which occurred in 2020, in the first weeks of the Chinese coronavirus pandemic. Eventually, he filed them late, which at the time were worth at least $671,000.
In July, the congressman reportedly paused all of his stock trading until he got approval from the House Ethics Committee to put all of his assets into a blind trust after the multiple complaints that were filed against him.
In August, another report noted that, “in addition to multiple ethics complaints the congressman is facing after failing to disclose hundreds of thousands of dollars in stock transactions, in July,” the congressman also changed his previous disclosure to show some trades that were not reported over two years ago in 2019.
The STOCK Act requires members to file any financial transactions that exceed $1,000 within 30 to 45 days of the transaction.
Malinowski allegedly violated this law by failing to make these disclosures, Breitbart reported.
In 2012, Congress quickly passed the STOCK Act and former President Barack Obama signed it into law after it received substantial bipartisan support in both chambers.
The legislation was introduced and promptly signed into law thanks to renowned investigative journalist Peter Schweizer, who in 2011 released Throw Them All Out, exposing corruption in the highest echelons of elected life.