RALEIGH, N.C. (WNCN) — No action will be brought against Republican U.S. Sen. Richard Burr as the result of an investigation into what the FBI called “well-timed” stock sales.
In September, CBS 17 reported on an affidavit the agency submitted as part of a request to search Sen. Burr’s phone which outlines the timing of Burr’s sales and how the FBI said he benefited.
“Beginning on February 20, 2020 — six days after Senator Burr’s sale of the majority of his equity — the stock market endured a dramatic and substantial downturn. In total, Senator Burr avoided more than an estimated $87,000 in loss as a result of his well-timed stock sales, and profited more than $164,000,” the FBI affidavit said.
The senator sold more than $1.6 million in stock and released a statement in March 2020 saying he’d been following reporting by CNBC in Asia regarding the pandemic.
More court documents also outlined what happened on Feb. 13, 2020, when Burr ordered the sale of stock form his retirement account as well as his wife’s account.
On Friday, the Senator and his lawyer made statements once the Securities and Exchange Commission made their decision.
“This week, the SEC informed me that they have concluded their investigation with no action. I am glad to have this matter in the rearview mirror as I begin my retirement from the Senate following nearly three decades of public service,” Sen. Burr said in his statement.
Further, Burr’s lawyer Alice Fisher said, “He is glad to put this matter behind him as he embarks on his retirement from his dedicated service in the Senate.”