Tags: inhofe | stock sale | virus briefing | insider trading

Financial Adviser Confirms Sen. Inhofe's Insider Trading Denial

senator jim inhofe
Sen. Jim Inhofe, R-Okla. (Susan Walsh)

By Thursday, 02 April 2020 06:03 AM Current | Bio | Archive

The no-punches-pulled denial of Sen. Jim Inhofe, R.-Okla., that his sale of stocks had nothing to do with "insider knowledge" got a major assist when his financial advisor confirmed his story.

In a recent statement, Capital Advisors CEO Keith Goddard — Inhofe's financial advisor since 1992 — recalled that he began a transition at the senator's request of all individual equities to a public mutual fund in December 2018.

Inhofe had just become chairman of the Senate Armed Services Committee and, as he explained to Newsmax, wanted to sell all of his stocks to avoid any appearance of a conflict of interest.

"Since our conversation in December 2018, we have not purchased any individual stocks for Sen. Inhofe," read Goddard's statement. "As of February 2020, approximately 60 percent of his portfolio has been moved into a mutual fund."

In a report two weeks ago, The New York Times charged that Inhofe and three other senators began selling large amounts of stocks following a closed-door briefing Trump administration officials gave to lawmakers on Jan. 24, which concluded that the coronavirus would cause damage to the stock market.

"One hundred percent false" is how Inhofe described the Times report that the sale of $450,000 worth of stocks was based on "insider knowledge" acquired at the briefing. Inhofe noted that he was not even at the meeting that day but was addressing a group of "pro-life kids" who were in Washington, D.C., for the March for Life.

Inhofe also emphasized that he has little to do with his portfolio and that it is handled exclusively by his financial advisor. Goddard's statement emphsized this by saying, "the selection and transition of every stock sale has been directed by Capital Advisors with zero consultation with Senator Inhofe."

He added that his firm has "never received any guidance, direction or feedback from Senator Inhofe regarding any individual holding or transaction."

The three other lawmakers mentioned in the Times story were Sens. Kelly Loeffler, R-Ga.; Richard Burr, R-N.C.; and Dianne Feinstein, D-Calif.

John Gizzi is chief political columnist and White House correspondent for Newsmax. For more of his reports, Go Here Now.

© 2020 Newsmax. All rights reserved.


   
1Like our page
2Share
John-Gizzi
The no-punches-pulled denial of Sen. Jim Inhofe, R.-Okla., that his sale of stocks had nothing to do with "insider knowledge" got a major assist when his financial advisor confirmed his story.
inhofe, stock sale, virus briefing, insider trading
353
2020-03-02
Thursday, 02 April 2020 06:03 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
America's News Page
© Newsmax Media, Inc.
All Rights Reserved