Congressman @RepGutierrez is sending a formal letter to the SEC requesting a federal investigation into Carl Icahn for insider trading after the businessman and Trump confidant dumped thousands of shares in steel stocks just days before the tariffs announcement. #CheddarLIVE pic.twitter.com/uQShrsSiy0
— Cheddar (@cheddar) March 8, 2018
Billionaire investor Carl Icahn might be about to face a federal investigation in connection with his recent stock sales.
Cheddar correspondent and Mediaite alumnus J.D. Durkin reports that Congressman Luis Gutierrez (D-IL) is calling on U.S. Securities and Exchange Commission chairman Jay Clayton to launch an inquiry into Icahn’s affairs. Gutierrez suspects Icahn might have committed insider trading with his recent sale of approximately one million shares of Manitowoc Company Inc., an industrial manufacturer that deals heavily in steel.
Icahn is a known to be friends with Donald Trump — who caused a lot of commotion recently because of his proposal to place tariffs on steel and aluminum imports. Manitowoc’s share price took a significant dip lately, and the timing of Icahn’s stock dump invites questions about whether he knew about the president’s plans and wanted to cash in before the inevitable market shakeup. Icahn has denied having prior knowledge of Trump’s proposal.
Here’s a copy of the letter Gutierrez is sending to Clayton.
— J.D. Durkin (@jiveDurkey) March 8, 2018
Watch above, via Cheddar.
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