Loeffler just keeps getting away with improper transactions. This is just one of them. And she knows that very few people can follow her trails.
Loeffler says she was ‘cleared’ by the SEC for her stock trades she made after a Senate briefing on Covid-19 back in January. What she doesn’t tell you is, she wasn’t actually ‘cleared.’ The SEC did not find sufficient evidence to move forward with the investigation of the stock sales through her brokerage accounts. But the real smoking gun here is what the SEC didn’t address; the sales of stock in INTERCONTINENTAL EXCHANGE (ICE), the company she is a majority shareholder with her husband. ICE owns the New York Stock Exchange along with 13 commodity exchanges where the futures are traded every day on all the commodities we use from food to lumber to cryptocurrency and OIL.
You see, immediately after that briefing on January 27, 2020, Loeffler basically walked out of the meeting and filed a Form 10b5-1 with the SEC. This form is a requirement the requires majority stockholders in a company to file a notice of intent to sell when a majority shareholder has ACCESS TO MATERIAL NON-PUBLIC INFORMATION. This is supposed to be protection for the public.
Loeffler and her husband, Jeffrey Sprecher, then proceeded to sell $15 to $18 MILLION in stock on the first day they could, February 26, 2020, exactly 30 days after the Senate briefing on Covid-19. This is not a coincidence. This was a deliberage act. The SEC only reviewed her stock sales that were made in her brokerage accounts that she claims are managed by a third party. She could have easily called her broker and told him to sell and/or buy certain stocks.
But KELLY LOEFFLER and ONLY LOEFFLER could file that form 10b5-1 and make the decision to sell ICE stock. There was no “third party” to blame the transactions on.
So, after receiving MATERIAL NON-PUBLIC information gleaned from a Senate briefing, she sold millions to further feather her nest. No wonder she has so much more money than her opponents to run for this Senate seat.