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Sen. Loeffler’s Stock Liquidation ‘is essentially a guilty plea,’ says Opponent

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Screenshot 2020 04 08 09.57.03

Georgia Sen. Kelly Loeffler and her CEO husband will liquidate their individual stock share positions, after more than a month of controversy over purchases and sales of millions of dollars of stocks during the onset of the coronavirus outbreak, but her Senate challenger’s campaign team says it’s nothing short of ‘a guilty plea.’

“She’s less credible than the Chinese government. Same advisors, different funds and no blind trust?  We’re not buying it,” said Dan McGlan, spokesman for Rep. Doug Collins

Loeffler issued her statement Wednesday in an opinion editorial submitted to the Wall Street Journal. Loeffler announced that she and her husband CEO Jeff Sprecher would be liquidating those stocks shortly after her interview with Fox Business host Maria Bartiromo and a day after SaraACarter.com published a story regarding her failure to name the broker of her stock portfolio.

Loeffler, however, continued to defend her stock sales and said that “I have never used any confidential information I received while performing my Senate duties as a means of making a private profit.” She posted her opinion piece on Twitter with a statement saying “my husband and I are liquidating our holdings in managed accounts.”

“I’m not doing this because I have to. I’m doing it to move beyond the distraction and put the focus back on the essential work we must all do to defeat the coronavirus,” she added.

Her spokesperson told this reporter in a story published Tuesday that “allegations of improper trading are based purely on cherry-picking dates and misrepresenting transactions contained in Senator Loeffler’s Periodic Transaction Reports (PTRs), rather than any actions that Sen. Loeffler took. For years, her stock portfolio has been managed independently by third-party advisors who plan the investment strategy and implement trades.”

However, Dan McLagan, spokesman for Rep. Doug Collins, who is challenging Loeffler for her Senate seat, said on Wednesday that her refusal to name her broker calls into question the stocks traded during the pandemic.

“This is essentially a guilty plea and Georgians who just saw their retirement plans crater while she profited are not going to agree to the plea deal,” said McLagan. “She’s less credible than the Chinese government. Same advisors, different funds and no blind trust?  We’re not buying it. “

Collins has not yet issued a direct statement on Loeffler’s decision to liquidate the stocks but had said earlier that he was “sickened” by the trades and purchases during a time when so many people had lost their jobs and lives.

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Elections

BREAKING: Trump ordered to pay over $350M, barred from operating his business in NY in civil fraud case ruling

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Former President Donald Trump and his business empire faced a significant setback as a New York judge ruled against them in a civil fraud case brought by New York Attorney General Letitia James. The 92-page ruling, handed down by Judge Arthur Engoron, barred Trump from operating his business in New York for three years and imposed over $350 million in damages.

The case, which unfolded over months of trial proceedings, stemmed from allegations that Trump inflated his assets and engaged in fraudulent practices. Engoron’s ruling cited a litany of charges, including persistent fraud, falsifying records, issuing false financial statements, and conspiracy to commit fraud.

Moreover, the judge imposed restrictions on key figures within the Trump Organization, including Donald Trump Jr. and Eric Trump, barring them from serving in certain corporate roles in New York for a specified period.

Engoron’s scathing assessment of Trump’s testimony during the trial further undermined the former president’s credibility. The judge criticized Trump for evasive responses and irrelevant digressions, highlighting the detrimental effect on his credibility.

In response to the ruling, Trump’s attorney, Christopher Kise, lambasted the court’s decision, alleging political bias and a disregard for established legal principles. Kise argued that the evidence presented during the trial failed to support the allegations of fraud and emphasized Trump’s substantial net worth.

Kise’s assertions were echoed by Alina Habba, another attorney representing Trump, who denounced the verdict as a “manifest injustice” resulting from a politically motivated witch hunt.

Throughout the proceedings, Trump consistently dismissed the trial as politically motivated, accusing both Engoron and James of partisan bias. His legal team also criticized the absence of a jury in the trial, questioning the fairness of the proceedings.

Attorney General Letitia James, who spearheaded the lawsuit against Trump and his organization, portrayed the ruling as a victory for accountability and transparency in business practices. The lawsuit alleged fraudulent conduct and sought substantial financial penalties, a portion of which would contribute to the state treasury.

The fallout from the case extends beyond Trump and his business interests, with implications for the broader business community and the rule of law. The contentious nature of the trial and its outcome underscored deep divisions and raised questions about the integrity of the legal system.

Trump vows to appeal the decision.

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