Warner, Schiff probe potential insider trading in government
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The lawmakers also cited a recent report that a Pete Hegseth-linked broker sought to make a multimillion-dollar investment in a defense-linked ETF in February.
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Sens. Mark Warner , D-Va., and Adam Schiff , D-Calif., demanded answers on potential insider trading in government in a letter sent Thursday to the head of the Securities and Exchange Commission and the Department of Defense inspector general. The senators cited public reporting of "large positions in equities and equity-linked derivatives" being built up before major policy announcements, such as decisions related to the Iran war and President Donald Trump 's tariffs agenda. And they suggested those instances indicate "federal officials are disclosing material nonpublic information for financial gain." "Recent reports of equity trading that occurred shortly before significant government policy announcements suggest that federal officials are disclosing material nonpublic information for financial gain," the lawmakers wrote in the letter to SEC Chair Paul Atkins and Pentagon IG Platte Moring. "These actions undermine public interest and market integrity, and demand oversight by each of your respective authorities, as well as by Congress." The letter comes after a slew of reporting that positions have been built up ahead of major policy announcements, which could yield a large benefit afterward. Prediction markets have caught similar heat recently, and the Financial Times reported that a broker associated with Defense Secretary Pete Hegseth looked to make a multimillion-dollar buy into a defense-related fund before the White House began the war against Iran. Read more CNBC politics coverage Grocery shock on the horizon for approaching U.S. elections as Iran war drags on DHS shutdown: Senate advances deal to fund agency with TSA, waits on House Analysis: Trump’s Iran speech ignores the risks of a return to the 1970s Trump Iran speech recap: President again says war is nearly over, vows ‘extremely hard’ hits in coming weeks Warner, the top Democrat on the Senate Intelligence Committee, and Schiff said the "possibility that someone connected to the Secretary of Defense ...
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