Investigation into insider training of Senator Burr ends

The Department of Justice ended the insider trading investigation against Senator Richard Burr (R-NC). Burr, a politician serving as the senior US Senator for North Carolina since 2005, came under scrutiny for the sale of 30 stock selling transactions between late January and the middle of February. 

“The case is now closed. 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,” said Senator Burr. 

Burr acknowledged selling the stocks because of the coronavirus. 

“I relied solely on public news reports to guide my decision regarding the sale of stocks,” said Burr. 

During the investigation, the FBI seized a cell phone, and Burr stepped down as chairman of the Senate Intelligence Committee. Burr has cooperated with the investigation and denied any wrongdoing. He called for a Senate Ethics Committee investigation into his action.

"As the country continues to concentrate efforts on battling the challenges presented by COVID-19, Senator Burr's focus will remain on the safety and security of North Carolinians and the United States as a whole," said Alice Fisher, an attorney for Burr. 

Congress passed the Stock Act in 2012, which made it illegal for lawmakers to use inside information for financial benefit. 

Burr was investigated by the Justice Department and Securities and Exchange Commission for possible insider trading, along with Kelly Loeffler, former Republican Senator of Georgia, Senator Dianne Feinstein, a Democrat of California, and former Senator David Purdue, a Republican from Georgia. The investigations have ended, and no charges were filed.

In 2016, Burr announced that he would not be seeking reelection in 2022.