United States: Republican senator Richard Burr resigned on suspicion of insider trading

Richard Burr, head of the Senate Intelligence Committee, resigned on May 14, 2020. On February 13, Richard Burr sold shares he owned in the hotel and tourism sectors hard hit since by the Covid-19 pandemic . Andrew Harnik / Pool via REUTERS

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In the United States, the head of the Senate Intelligence Committee steps down. Richard Burr is suspected of insider trading. He sold numerous shares on the stock exchange shortly after being attended as part of his duties at meetings which informed him about the coronavirus. And he anticipated the fall in market values.

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With our correspondent in Washington, Anne Corpet

“ Richard Burr announced his decision to step down during the investigation against him. We agreed that it was in the best interests of the commission, ”said the leader of the Republican majority in the Senate.

The powerful president of the intelligence committee is suspected of insider trading: he has shed a large portfolio of stocks - for an estimated value between 580 thousand and more than 1.5 million dollars - including securities hotel chains before the crash caused by the pandemic. As part of his duties, he attended daily meetings which warned him of the dangers of the coronavirus.

His brother-in-law also shed his stock portfolio before the fall in values. Nothing legally obliges Richard Burr to resign from his functions, and the senator denies having committed the slightest crime, but the press revealed this Thursday, May 14, that federal police had seized his cell phone. An approach that requires the approval of the head of the Justice Department, which attests to the seriousness of the suspicions brought against him.  

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  • United States
  • Coronavirus