Senator, Richard Byrd, Michael discussed on Memphis Morning News

Automatic TRANSCRIPT

Amazing job on the stories he follows he's been all over what's happening with the North Carolina senator now apparently Richard Byrd as I stepped aside he's been accused of having insider information to profit and share with others Michael good morning welcome in yeah good morning J. T. and that's what you saw after the North Carolina senators to step down because of the fact that the FBI seized his cell phone he was concerned that this was going to draw too much attention to him when the Senate and the country needed the Senate more than anything else in the Senate had a lot of work to do here but he's one of the few senators a handful of senators that are under the microscope by the FBI in regards to possible insider trading probes but his is certainly is escalated because in order to get a warrant to indicate that you should have your phone sees you have to go convince a judge they have probable cause that a crime was committed and then you get the warrant from that judge and then you can begin the process of seizing the phone as the F. B. I. has done here so that more on that in just a second but what we're looking at is burnt going back in February where he was leading the Senate intelligence committee a committee that was getting daily briefings on the threat of corona virus around the time that he dumped his stock which was prior to the coronavirus having the economic effect on this country that it ended up having to go back to February seventh where he and senator Lamar Alexander wrote an op ed for fox news saying that Americans are rightfully concerned about the corona virus but that the U. S. today is better prepared than before to face emerging public health threats like corona virus six days later he was dropping one point seven million dollars worth of stock selling it off there now that stock was hotel restaurant shipping industries things were devastated by the corona virus and just the day before he dump that stock according to reports he was talking with North Carolina donors and warning them of the dire impact of the corona virus pandemic so in essence what they're looking at is whether he allegedly sold off stock gave a heads up to donors about concerns the pandemic and then downplayed the virus to the American public and the reason they've got his phone there's a possibility he called his brother in law Gerald south trump appointee works in the mediation board told him about this they're looking into this because this same exact day burst old office stock is the same exact day felt sold off a bunch of his stock so it could be coincidental but it could also be that there was a heads up if that's the case that's considered insider trading too yeah I was just gonna ask about insider trading it's got to be a gray area fine line kind of thing I mean if your job has you in front of information that the general public doesn't get is that wrong to act with your stock on that because it's your job or do you have to have it hasn't made mass you know media or hasn't been out in public view anything in private views considered insider information no matter what your job that's sort of the gray area and you want your J. T. that they're going to have to figure out because there's a bit of a another act that went into effect in two thousand twelve call the stock act in that says that any it's illegal for senators on any level to use inside information for financial gain now you can use public information to work your stocks but if you're using anything that you're getting from your committees or what you would consider to be Intel briefings are some kind that's illegal for them to use so to try to delineate that and figure out what it was that made them make the choices to sell things off and we're not just talking about bird but also people like Dianne Feinstein Kelli Leffler James in often Oklahoma all of them under the gun here as well you have to be able to prove that they were using their information that they were getting briefings to make those kinds of changes are the steward might have a view on all of this very good point all right so you've either got to ride it out and take the loss in your stocks if you've got the information or find a way to make it public and then sell yeah my gosh you know that's so at the end of the day you think the guys gonna be found guilty will he do jail time fines where do you think this will end up if they can use this fall that they've taken and find that he made a call to his brother in law that they feel on some level could have been a call that was giving the heads up that's definitively going to go against SEC rules and that'll be a lot of trouble for him I don't know that they're going to be able to determine that I don't envy maybe calls going to his brother in law but whether or not they were a heads up you don't necessarily know this pointless you got transcripts or people admitting to it so I just don't want to go on this front you're just starting to see that the F. B. I. reached out to Diane Feinstein a Kelly levelers turned over information and documents to the FBI as well here so it's sort of in the beginning stages but it looks like that he is certainly the one that's in the biggest crosshairs right now this will be interesting to follow art Michael Barrett thank you so much it is seven eighteen Alabama's morning news I want to check with producer as I broadcast live from the bluff park studios in my home John back in the studios are are we going Kevin Flanagan next or senator Arthur Orr thirty Kevin Kevin Flanagan up next to take.

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