- By James Kravitz
- (General Dispatch) – Rep. Tom Malinowsk is under investigation after disclosing personal stock trades, which he is required to disclose under federal securities law.
- The Democrat in early 2020 had made a large number of buy and sell transactions that were disclosed in a spreadsheet, he was forced to do so after a reporter asked him about the representative’s stock trades.
- What generated controversy in the case, is that the spreadsheet shown by Tom, reflected transactions that he was required to declare to the state through the chamber’s website and the representative preferred to conceal them
- “Filing these disclosures late was an oversight that he is taking steps to correct,” said Colston Reid, Malinowski’s chief of staff.
- “This was not an effort by the congressman to conceal any business activity; the congressman did not conduct his own trades, but rather has a financial advisor making business decisions on his behalf without his usual involvement.” Malinowski’s spokesman finished
- Reactions have not been long in coming from different political sectors assuring that congressional representatives should not deal with stock trading.
- So far it seems that the matter will not become a major issue since, according to Malinowski’s spokesman, they have all the legal documents to prove that it was not an intentional act.
- Since this event, more cases of congressional representatives trading stocks have come to light, and a more exhaustive follow-up of those involved is being considered.
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