According to a report in Business Insider, U.S. Rep. Tom Malinowski (D-7) failed to publicly disclose at least $671,000 in personal stock trades in 2020.
The report says Malinowski “made a flurry of trades in March 2020 at the beginning of the coronavirus pandemic, investing in General Mills, the J.M. Smucker Company and, later, Peloton,” and failed to disclose the trades.
The report says, “Malinowski may have made as much as $2.76 million in trades as members of Congress are not required to report exact amounts of their stock assets.”
The Democratic congressman “has a financial advisor that makes trading decisions on his behalf without his regular input,” his spokeswoman told Business Insider.
Malinowski – who last year narrowly defeated Republican challenger Tom Kean, Jr. – is willing to pay a fine if the House Ethics Committee deems it appropriate, his spokeswoman told Business Insider.
“Filing these disclosures late was an oversight that he is taking steps to correct,” Colston Reid, Malinowski’s chief of staff, told Business Insider.
New Jersey College Republicans Chairman Matthew Wilson issued the following statement after
revelations that Malinowski failed to disclose $671K in stock trades in an “apparent violation of federal law”:
“Representative Malinowski’s failure to disclose that he traded at least $671,000 worth of stocks at the onset of the coronavirus pandemic, in an ‘apparent violation of federal law’ according to Business Insider, is completely disgraceful. His callous decision to take advantage of COVID-19 to bolster his stock portfolio and enrich himself demonstrates how little he cares about the working people he claims to represent. Such utter hypocrisy from a so-called ‘champion of transparency’ is laughable.
“Rep. Malinowski should resign, and we call on the Federal Bureau of Investigation to immediately open an investigation into his potentially criminal behavior.”