Report: Senator Kelly Violated Insider Trading Law
By Corinne Murdock |
Senator Mark Kelly (D-AZ) reportedly violated the Stop Trading On Congressional Knowledge (STOCK) Act, a law to dissuade insider trading, according to a compliance analysis from Insider. The report added that the senator either offered proof of payment or a resolution of applicable fines, totaling $1,000. None of Kelly’s staffers were reported in violation of the STOCK Act.
Kelly’s spokesman Jacob Peters assured Insider that the senator was committed to constituents, not special interests. He didn’t offer an explanation on the specific violation.
“Senator Kelly is transparent and accountable to Arizonans, not corporate special interests, which is why he is the only Senator who has taken the collective steps of placing his assets in qualified blind trusts, regularly posting his official Senate schedule on his Senate website, and refusing corporate PAC contributions to his campaign,” stated Peters.
In April, Kelly exercised a stock option in a company designing a supersonic aircraft called Boom Technology (previously called Boom Aerospace, also known as Boom Supersonic). In recent years, the company partnered with China to aid in development. Kelly didn’t file the disclosure until August: four months later. The STOCK Act requires legislators to disclose these actions within 30 days of notification or 45 days of transaction.
Kelly wasn’t alone in his violations, and far from the worst nationally; Insider reported at least 48 other congressmen and 182 congressional staffers also violated the STOCK Act. These findings came from “Conflicted Congress,” a review of adherence to the STOCK Act.
Insider ranked legislators’ compliance with the STOCK Act by marking them green, indicating good compliance; yellow, indicating borderline noncompliance; and red, indicating serious noncompliance and potential ethical issues. Kelly was marked yellow, along with Representative Raúl Grijalva (D-AZ-03). The remainder of Arizona’s senators and representatives were marked green.
Senators Tommy Tuberville (R-AL) and Dianne Feinstein (D-CA) were the only two senators marked red. Tuberville’s profile cataloged 132 STOCK Act violations totaling $894,000 at least, but no staffer violations; the senator claimed that he paid applicable fines but didn’t provide proof. Feinstein’s profile cataloged one STOCK Act violation totaling over $15,000 at least; like Tuberville, Feinstein claimed that she paid applicable fines but didn’t provide proof. Three of Feinstein’s staffers also violated the STOCK Act.
Those Republican representatives marked red were: Pat Fallon (TX-04), with 118 violations totaling over $9.11 million; Lance Gooden (TX-05), with 12 violations totaling over $60,000; Kevin Hern (OK-01), with 25 violations totaling over $1.07 million; Blake Moore (UT-01), with 76 violations totaling $76,000 and one staffer violation; Chris Jacobs (NY-27), with 12 violations totaling $356,000 and one staffer violation; Dan Meuser (PA-09) with 36 violations totaling over $120,000; Diana Harshbarger (TN-01), with 728 violations totaling $728,000.
Those Democratic representatives marked red were: Sean Patrick Maloney (NY-18), with eight violations totaling over $11,000 and one staffer violation; Susie Lee (NV-03), with over 200 violations totaling at least $267,000; Tom Suozzi (NY-03) with approximately 300 violations totaling at least $3.2 million; Tom Malinowski (NJ-07), with 145 violations totaling at least $845,000; and Kim Schrier (WA-08) with one violation totaling over $500,000.
Some of the representatives and senators provided explanations or general comments for their Insider profile on these STOCK Act violations.
Corinne Murdock is a reporter for AZ Free News. Follow her latest on Twitter, or email tips to email@example.com.