Senator Profited More Than $164,000 From Well-Timed Trades: Document

Sen. Richard Burr (R-N.C.) made more than $164,000 from well-timed trades that were executed after receiving briefings on COVID-19 before the pandemic was declared, according to a newly unsealed document.

Shares held by Burr’s wife Brooke in insurance and telecommunications companies were sold on Jan. 30, 2020, just hours before the White House announced that the United States was banning travelers from China due to COVID-19, the document says.

On Feb. 7, 2020, Burr co-authored an op-ed stating that the United States was “better prepared than ever before to face emerging public health threats, like the coronavirus, in large part due to the work of the Senate Health Committee, Congress, and the Trump Administration.” Five days after that, Burr bought $1.1 million in U.S. Treasury funds, which are often purchased as a hedge against a market decline. The following day, Burr moved to sell nearly all the stock he and his wife held.

“Senator Burr explained that he was uncomfortable with a lot of things in the market and other things generally happening around the world; that Burr discussed the fact that there had been a long bull market and that it was due for a correction; and that the surge of Bernie Sanders in the Democratic party’s nomination process was a risk to the market,” according to the document, an unsealed search warrant affidavit authored by an FBI agent.

“Senator Burr also discussed COVID-19, saying that it was a concern, that the virus could affect the stock market, and that it was an epidemic in China. [redacted] Senator Burr also discussed supply chains and the fact that U.S. companies depended on Chinese suppliers. [redacted] Senator Burr did not specifically reference any briefings or information he received in his capacity as a Member of Congress. [redacted] did not recall Burr mentioning CNBC

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