Erin Scott/Reuters
- DOJ officials reportedly closed an investigation into Sen. Richard Burr’s financial transactions, per CNBC.
- Burr sold up to $1.72 million in stock in the weeks before coronavirus concerns rattled markets, said ProPublica.
- “The case is now closed,” Burr reportedly said in a statement.
- Visit Business Insider’s homepage for more stories.
The Justice Department closed its investigation into stock trades by Senator Richard Burr without bringing charges, according to a statement reportedly made by the senator.
Burr, a Republican from North Carolina, reportedly sold shares worth up to $1.72 million before coronavirus concerns caused markets to tumble.
“Tonight, the Department of Justice informed me that it has concluded its review of my personal financial transactions conducted early last year,” Burr said in a statement on Tuesday, according to CNBC.
He added: “The case is now closed. I’m glad to hear it. My focus has been and will continue to be working for the people of North Carolina during this difficult time for our nation.”
The Justice Department's review of Burr's personal finances began after ProPublica reported in March that the senator sold between $628,000 and $1.72 million in stock in a single day. Burr logged 33 separate transactions on February 13, during the time he was receiving daily coronavirus briefings, according to ProPublica.
Before the sale, Burr co-wrote a Fox News opinion piece, saying "Americans are rightfully concerned" but the US is "better prepared than ever before" to handle a threat like the coronavirus.
In the weeks after Burr's sale, the Dow and S&P 500 both plunged on COVID-19 fears. In March, Rep. Alexandria Ocasio-Cortez called for Burr's resignation.
Cortez tweeted. "Burr knew how bad it would be. He told the truth to his wealthy donors while assuring the public that we were fine. THEN he sold off $1.6 million in stock before the fall. He needs to resign."
Burr said in March that he'd relied on publicly available information, according to Reuters. In May, the FBI reportedly seized Burr's phone.
Burr then stepped aside as chairman of the Senate Intelligence Committee for the duration of the investigation. Senate Majority Leader Mitch McConnell announced the move, saying at the time: "We agreed that this decision would be in the best interests of the committee and will be effective at the end of the day tomorrow."
Later that month, the Justice Department reportedly closed its insider-trading investigations into three others, Sens. Dianne Feinstein, Jim Inhofe, and Kelly Loeffler. Each had traded stock in January or February, as lawmakers were receiving briefings about the threat of coronavirus.