Complaint follows reports that Perdue bought and sold stock in submarine company after helping draft legislation that awarded it billions in federal contracts
The American Democracy Legal Fund (ADLF) filed a complaint with the Securities and Exchange Commission today following serious allegations of insider trading on the part of Senator David Perdue.
This week, the Daily Beast reported on new allegations that Senator Perdue abused his position as Chair of the Senate Armed Services Subcommittee on Seapower in an effort to enrich himself through the stock market. According to the Daily Beast, shortly before Senator Perdue was appointed as Chair of this subcommittee — which holds oversight authority over the United States Navy — he began purchasing stocks in a company, BWX, that produces submarine parts. Subsequently, as Chair, Perdue oversaw the drafting of legislation which awarded billions of dollars in federal contracts to BWX to produce submarine parts. Perdue then sold his stock in BWX as its stock price was rising after it received said federal contract.“If you believe it is mere coincidence that Senator Perdue bought and sold stock in this company while he was drafting legislation to award it billions in federal contracts, I have a bridge to sell you,” said ADLF’s Brad Woodhouse. “Instead of using his Chairmanship to strengthen the Navy and protect the brave men and women who serve in our armed forces, Senator Perdue used the position to make money for himself. The Securities and Exchange Commission must begin an immediate investigation into this clear case of insider trading by Senator Perdue.”
A copy of the complaint can be viewed here.