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Kelly Loeffler to Liquidate Stock Holdings Following Allegations of Insider Trading

Senator Kelly Loeffler, Republican of Georgia (Joshua Roberts/Reuters)

Senator Kelly Loeffler said Wednesday that she and her husband were liquidating their personal stock holdings to move into mutual funds and exchange-traded funds (ETFs), after backlash stemming from financial records showing she sold off millions in stock ahead of the market crashing.

“I’m not doing this because I have to,” Loeffler wrote in a Wall Street Journal op-ed published on Wednesday. “I’ve done everything the right way and in compliance with Securities and Exchange Commission regulations, Senate ethics rules and U.S. law. I’m doing it because the issue isn’t worth the distraction. My family’s investment accounts are being used as weapons for an assault on my character at a time when we should all be focused on making our country safe and strong.”

In an accompanying statement, Loeffler — whose husband is CEO of the company that owns the New York Stock Exchange — slammed the initial reporting by the Daily Beast on her outlays, which revealed that the couple had made 27 stock sales worth millions of dollars that have since fallen, and only two purchases, one of which was between $100,000 and $250,000 in Citrix, a technology company that offers teleworking software that has slightly risen in recent weeks, after a Senate briefing on coronavirus in January.

“I have not profited or attempted to profit at any time based on my service in the Senate. This story was manufactured by a left-wing website, never fact-checked and used as a weapon by the media and my political opponents as a baseless attack,” Loeffler said.

Following the news, Dan McLagan, the campaign spokesman for Representative Doug Collins (R., Ga.), who is running against Loeffler for Georgia’s Senate seat, called the move “essentially a guilty plea.”

“She’s less credible than the Chinese government. Same advisors, different funds and no blind trust? We’re not buying it,” McLagan said.

An internal poll released by the Collins campaign last week showed the former ranking member of the House Judiciary Committee up 23 points over Loeffler.

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