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Justice Department drops insider trading investigation of WNBA co-owner

Atlanta Dream co-owner Sen. Kelly Loeffler confirmed the DOJ has closed an insider trading investigation that focused on stocks sold following a confidential coronavirus briefing.

President Trump Joins GOP Senators At Policy Luncheon On Capitol Hill
Atlanta Dream co-owner Sen. Kelly Loeffler (R-GA) arrives for a meeting with GOP Senators and President Trump in the Hart Senate Office Building on Capitol Hill, May 19, 2020 in Washington, D.C.
Photo by Drew Angerer/Getty Images

Sen. Kelly Loeffler (R-Georgia), the co-owner of the WNBA’’s Atlanta Dream and a candidate for the U.S. Senate this November, confirmed Tuesday to NBC News she has been informed by the Department of Justice that she is no longer under investigation for insider trading.

As Outsports reported in March, the DOJ had been investigating Loeffler for possibly taking advantage of confidential information revealed to U.S. senators in a private January briefing.

Loeffler reportedly sold off seven figures’ worth of stock holdings in the days and weeks after this all-senators meeting on the coronavirus that at that time erased all the gains the financial markets have seen since President Trump was elected. Loeffler and her husband, Jeffrey C. Sprecher, who is chairman of the New York State Exchange, reportedly made 29 transactions through mid-February, all but two of which were sales. One of Loeffler’s two purchases was stock in a technology company that creates telecommuting software.

But it turns out neither Loeffler nor her husband personally made those trades; by having an independent finance officer or private investment company execute the trades, they cannot be prosecuted for insider trading, even if those individuals or the company did so based on information provided by the junior senator or her husband.

A spokesperson for Sen. Loeffler called the investigation “politically motivated.”

“Today’s clear exoneration by the Department of Justice affirms what Senator Loeffler has said all along — she did nothing wrong. This was a politically-motivated attack shamelessly promoted by the fake news media and her political opponents. Senator Loeffler will continue to focus her full attention on delivering results for Georgians,” said the spokesperson, Stephen Lawson.

This good news was also delivered to Sen. Dianne Feinstein (D-Calif.) and Sen. James Inhofe (R-Okla.), according to NBC News.

However, Sen. Richard Burr (R-N.C.), apparently remains under intense investigation for insider trading, according to The Wall Street Journal.

Nether Burr’s office or the DOJ had any comment on the Journal report.

Loeffler, who is running to retain the U.S. Senate seat she was appointed to over the objections of President Trump, was in the news last week after her husband, NYSE Chairman Jeff Sprecher gave a pro-Trump super-PAC a check for $1,000,000, according to Politico.

And now, just like that, the William Barr-led Department of Justice has decided it’s time to drop the case.