Richard Burr averted tens of thousands of losses in ‘well-timed’ stock sale at start of pandemic

In the warrant, investigators said the North Carolina Republican, because of his position in Congress, spoke out about the Covid-19 threat in February before public concerns about the severe economic impact of the pandemic rose. The Justice Department opened an insider trading investigation against Barr that ultimately ended without criminal charges.

Investigators said the senator conducted a series of “timely stock sales”, selling more than 95% of his personal retirement account holdings. “As a result of the sale of Senator Barr on February 13, 2020, his portfolio went from approximately 83% in equities to approximately 3% in equities,” the affidavit states.

“The stock market has endured a dramatic and significant decline since February 20, 2020, six days after Senator Barr sold most of his stock,” the affidavit states. “Senator Barr has avoided an estimated total loss of more than $87,000 and made a profit of more than $164,000 as a result of a well-timed stock sale.”