“New Stock Questions Plague HHS Nominee Tom Price as Confirmation Vote Nears,” USA Today
February 08, 2017
President Trump's choice to be the top U.S. health official bought and sold health care company stocks often enough as a member of Congress to warrant probes by both federal securities regulators and the House ethics committee, former government ethics lawyers say.
A USA Today analysis of stock trade reports by Rep. Tom Price, R-Ga., also shows he often misstated the timing of stock purchases or failed to report them altogether.
Former New Jersey Bureau of Securities Chief Laura Posner says when it comes to insider trading law, the amount of money involved is typically relevant only in determining the penalties that can be sought and in helping regulators prioritize which cases to investigate given their limited resources — not whether or not someone broke the law.
In fact, a recent Supreme Court decision found the law doesn’t necessarily require that someone receive a financial benefit for there to be insider trading liability, says Posner, now with the law firm Cohen Milstein Sellers & Toll.