• 52°

Justice Department won’t charge Sen. Burr over stock sales

By Eric Tucker and Mary Clare Jalonick

Associated Press

WASHINGTON — Sen. Richard Burr said Tuesday that the Justice Department has told him it will not prosecute him over stock sales made during the coronavirus pandemic, ending an insider trading investigation that led him to at least temporarily step aside from a powerful committee chairmanship last year.

Prosecutors had investigated for months whether the North Carolina Republican and former chairman of the Senate Intelligence Committee had exploited advance information when he unloaded as much as $1.7 million in stocks in the days before the coronavirus caused markets to plummet.

“The case is now closed,” Burr said in a statement. “I’m glad to hear it. My focus has been and will continue to be working for the people of North Carolina during this difficult time for our nation.”

His lawyer, Alice Fisher, described the investigation as a “thorough review” and said Burr, who has said he will not seek reelection when his term ends in 2022, would remain focused on “the safety and security of North Carolinians and the United States as a whole.”

A Justice Department spokesman confirmed it would not bring charges but declined further comment. The New York Times was first to report on the decision to not bring charges.

The investigation escalated in May when the FBI obtained a search warrant to seize a cellphone from Burr. The day after that action became public, Burr said he would step aside as Intelligence Committee chairman while the FBI investigation was ongoing. It is unclear whether he will retake the role as the panel’s top Republican now that he has been cleared.

Democrats are set to take control of the Senate on Wednesday, and Virginia Sen. Mark Warner will become the panel’s chairman.

Burr said he was told Tuesday, the last night of President Donald Trump’s term. He had occasionally angered Trump and his family as he investigated the president’s ties to Russia, especially when he called Trump’s son Donald Trump Jr. in to testify before the committee for a second time in 2019.

Burr, who was first elected to the Senate in 2004 and chaired the Senate Intelligence Committee as it conducted its own investigation into Russian election interference in the 2016 presidential election, has denied wrongdoing in the well-timed stock sales. His lawyer has said he had actively cooperated with the investigation. He had also called for a Senate Ethics Committee investigation into his actions.

Senate records show that Burr and his wife sold between roughly $600,000 and $1.7 million in more than 30 transactions in late January and mid-February, just before the market began to dive and government health officials began to sound alarms about the virus. Several of the stocks were in companies that own hotels.

Burr has acknowledged selling the stocks because of the coronavirus but said he relied “solely on public news reports,” specifically CNBC’s daily health and science reporting out of Asia, to make the financial decisions.

The Justice Department last year separately closed without charges investigations into stock trading by multiple other senators, including Dianne Feinstein of California, Kelly Loeffler of Georgia and Jim Inhofe of Oklahoma, according to people familiar with notifications sent to the senators. They, too, had come under scrutiny for transactions made in the weeks before the coronavirus sent markets downhill.

Comments

Coronavirus

Three deaths, 29 new COVID-19 positives reported

Crime

Blotter: Bullet holes found in woman’s Park Avenue apartment

Crime

Man faces assault charges for domestic incident

High School

Photo gallery: Carson girls win West Regional, headed to state championship

High School

High school basketball: Carson girls headed to state championship game

Local

Commissioners set date for public hearing on potential solar energy system rule changes

Health

Two of Rep. Sasser’s bills successfully pass through Health Committee

Local

Rep. Warren’s measure to allow removal of public notices from newspapers put on back burner

China Grove

China Grove Town Council weighs future of previously rejected housing development

Local

Salisbury City Council hears public comments, receives presentation on Main Street reconfiguration

Crime

Blotter: Man charged with felony drug offenses

Nation/World

California crash kills 13 of 25 people crammed into SUV

Nation/World

Biden vows enough vaccines by end of May

Coronavirus

State to vaccinate medically vulnerable starting March 24

Coronavirus

One new death, 20 new COVID-19 positives reported in Rowan

Kannapolis

Kannapolis man dies in moped crash

Crime

Salisbury Police chief addresses K-9 video, says officer separated from animal

Local

Rowan Rescue Squad sets record straight on fundraising typo

Local

City approves DOT agreement, Salisbury Station project could begin next year

Local

County plans to use vulture effigy, enforce violations to remedy animal carcass feeding problem

Education

Two weeks after ending enhanced protocols, Catawba has no COVID-19 cases

News

Council to hear revised version of Downtown Main Street Plan

Local

Veto override of NC school reopening bill fails in Senate

News

Political Notebook: Majority of likely voters, local legislators support school reopening bill