RALEIGH, NC (WGHP/LPL) — A North Carolina senator is weighing the latest in a spate of problems for a congressman.
Thom Tillis tweeted Wednesday morningresponding to accusations that madison cawthorn had been involved in insider trading.
“Insider trading by a member of Congress is a serious betrayal of his oath of office, and Congressman Cawthorn owes North Carolinians an explanation. There should be a thorough, bipartisan investigation into the matter by the House Ethics Committee. #ncpol”
The Washington Examiner wrote that Madison Cawthorn is under fire after posing with hedge fund manager James Koutoulas, who was the “ringleader” of the “Let’s Go Brandon” cryptocurrency on Dec. 29. The next day, NASCAR driver Brandon Brown announced his association with LGBCoin, which caused the value to skyrocket.
Watchdog groups, The Washington Examiner writes, believe this indicates that Cawthorn knew about the endorsement before it was announced, thus knowing in advance that Brown’s involvement would inflate the value. He did it. The Let’s Go Brandon coin in circulation quickly became valued at $570 million.
At the end of January, the value of the currency was reduced to practically nothing. Koutoulas blamed this on NASCAR rejecting Brown’s endorsement of LGBCoin. But in mid-January, “unidentified insiders who owned a large chunk of the coin dumped all of their holdings at once, causing the coin’s market value to evaporate.”
This is what is known in the trade as “pump-and-dump”, when investors use tactics to inflate the value of a stock or cryptocurrency (such as, in this case, celebrity endorsements) and then quickly sell off large chunks. Of action. charging the fake value before the value crashes, so they get a lot of money while the people who bought it essentially have something worthless.
This is not the first time Cawthorn has faced scrutiny. He was cited for bringing a weapon to CLThas been cited for speeding and driving with a revoked license multiple times, claimed that people in Congress invited him to orgies Y called the president of Ukraine a “thug”.
This is not the first time a representative from North Carolina has been implicated in insider trading allegations. North Carolina Sen. Richard Burr came under fire for allegations of insider trading early in the pandemic.
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