Bank Run Burr's phone tells the tale of insider trading


Profiting off a Pandemic is par for the course in the Burr household:

On Jan. 31, Burr received nonpublic information from a source whose name is redacted in the FBI documents. That same day, Burr put in orders to sell nearly $110,000 in stock from his and his wife’s brokerage accounts. On Feb. 12, Burr ordered the purchase of approximately $1.2 million of Treasury securities, using 76% of the total holdings in Burr and his wife’s joint account.

“Investors often purchase U.S. Treasury funds to hedge against a potential market downturn,” the FBI special agent, Brandon Merriman, notes. He also noted that the Dow Jones Industrial Average closed at a record high of 29,551.42 on Feb. 12.

Bolding mine, because those two points of information clearly define insider trading. And Burr was up to his elbows in it:

Specifically, the Justice Department mentions dozens of text messages that Burr exchanged with someone whose name is redacted, but who appears to be a potential source of nonpublic information. According to the FBI, between Jan. 31, 2020, and April 7, 2020, this person and Burr “exchanged approximately 32 text messages, nearly all of which concerned, in one way or another, the COVID-19 pandemic.”

Nearly everything about the text messages is redacted, but later in the affidavit, the government writes, “those text messages include those discussed above, and included ones regarding other issues, such as efforts to provide face masks to the public, the ‘global outlook’ regarding COVID-19, and a proposed ‘national lockdown.’”

According to the affidavit, records show that a series of sell orders were placed into an account belonging to Fauth’s wife, Mary Fauth, just before noon on the 13th, amounting to around $159,100.

Burr’s attorney, Alice Fisher, told ProPublica in May of 2020 that Burr “did not coordinate his decision to trade on Feb. 13 with Mr. Fauth.”

But the FBI evidence released on Monday shows that Burr’s wife called her brother shortly after 11 a.m. ET on the 13th, and they spoke for two minutes. Twenty minutes after that, Burr also used his cellphone to call Fauth, according to records obtained by the Justice Department. According to the FBI, the Burrs’ stock sell orders were put in between 11:38 and 11:49 a.m. Fauth’s orders were put in between 11:55 a.m. and 11:58 a.m.

Somebody told me in a Facebook comment, "Forget about Burr, he's not running in the campaign." There are two reasons why this position is wrong.

First, corruption of any sort needs to be dealt with harshly, and corruption by elected officials even moreso. Regardless of party. Not only does it warp their outlook on public service and policy-making, focusing their attention on personal gain, it also seriously erodes the public's trust in our democratic process.

Secondly, exposing Burr for the selfish malefactor he is can force those who voted for him in the past to (possibly) reevaluate their automatic impulse to vote R. Maybe just enough to swing some into voting for an African-American female former Chief Justice of NC's Supreme Court. Budd is Burr, in the early stages, and he does not deserve blanket support based on literally nothing but his white maleness.

So yeah, this is important.