Kentucky Senator Rand PaulThe wife’s wife has reportedly lost money on a stock purchase for a company conducting COVID-19 treatment, an investment that was reported 16 months late.
Paul filed a mandatory disclosure on Wednesday that revealed on February 26, 2020 that Kelley Paul had purchased between $ 1,001 and $ 15,000 worth of shares in Gilead, the company that makes the antiviral drug Remdesivir. The investment was made after congress was informed of the threat posed by COVID-19, but before the public was largely aware of it.
Senator spokeswoman Kelsey Cooper said in a statement that Kelley Paul used her own money on the investment and ended up losing money on it. Cooper called the senator’s failure to disclose the deal an oversight.
“Last year, Dr. Paul filled out the registration form for an investment his wife made with her own income, an investment where she lost money,” said Cooper. “In preparing to file his annual financial reports for last year, he learned that the form had not been submitted and immediately notified the filing office asking for their guidance. In accordance with these instructions, he filed both reports yesterday.”
According to the Stock Corporation Act, a law from 2012 designed to prevent the legislature from insider trading, the purchase of the stock should have been reported within 45 days.
More coverage from the Associated Press can be found below.
Senator Rand Paul’s wife invested in Gilead stock, which he reported 16 months later. Above, Paul discusses with Senator Todd Young during a business meeting of the Senate Foreign Affairs Committee on August 4, 2021.
Drew Angerer / Getty Images
News of the impending threat from the coronavirus spread through Congress in late January 2020 after members received the first of several briefings on the associated economic and health threat.
The release 16 months late adds Paul to a growing list of lawmakers from both parties who scrutinized their stock trading during the outbreak, which was declared a pandemic in March 2020.
Gilead stock traded for about $ 75 per share on the day Kelley Paul made her purchase. In April 2020, it rose to about $ 84 per share before falling again. Stocks now trade around $ 70 apiece.
The Kentucky Senator isn’t the first member of Congress to disclose deals that have been suggested by critics to benefit from the pandemic. Nor is he the first to fail to disclose trades in the required time.
However, the $ 1,001-15,000 invested by his wife is also tiny compared to some other lawmakers who bought or sold hundreds of thousands – if not millions – of stocks worth hundreds of thousands – if not millions – during the pandemic. (Congressional financial statements indicate dollar spreads for the value of assets, not specific dollar numbers.)
The Associated Press previously reported that New Jersey Democratic MP Tom Malinowski had repeatedly disclosed deals worth up to $ 1 million in medical and technology companies that were involved in the virus response.
Republican Senators David Perdue and Kelly Loeffler of Georgia both lost their runoffs for the senate in January after own stock trading became a major election issue. Both were investigated by the Justice Department and eventually released.
Perdue had dumped $ 1 million to $ 5 million worth of stock in a company he was previously a board member of. After the markets collapsed, he bought it back and earned a godsend after the price soared.
Loeffler and her husband, the CEO and chairman of the New York Stock Exchange’s parent company, dumped millions of dollars in stocks after a briefing about the virus.
North Carolina Republican Senator Richard Burr perhaps drew the most attention to his professions. He resigned as chairman of the Senate Intelligence Committee after the FBI received a search warrant to confiscate a cell phone.
Burr and his wife sold between $ 600,000 and $ 1.7 million in more than 30 transactions in late January and mid-February, just before the market began to decline and state health officials began to raise the alarm about the virus. Burr was caught on a tape in early 2020 that privately warned a group of influential voters to prepare for economic devastation.
The Justice Department investigated Burr’s actions but did not bring charges and closed the case.
However, Paul is unique in some ways. As the first senator to infect COVID-19, he has repeatedly railed against mask mandates and other public health tools to stop the virus from spreading.
YouTube banned Paul for seven days on Tuesday and removed a video he posted claiming that cloth masks won’t prevent infection because it violates COVID-19 misinformation guidelines.
It’s the second time this month that one of Paul’s videos has been removed from YouTube for violating its misleading content rules. Paul called YouTube’s decision a “badge of honor” in a tweet.
Paul’s filing of mandatory disclosure was first reported by the Washington Post.
Senator Rand Paul waited more than a year to announce that his wife had bought shares in a company that is carrying out COVID-19 treatment. Above, Kelley Paul speaks during an interview with The Associated Press on the Citadel campus in Charleston, South Carolina on April 16, 2015.
Mic Smith, File / AP Photo