A member of the House of Representatives has violated a federal law designed to defend against financial conflicts of interest and insider trading, OpenSecrets has learned.
Federal records indicate that Rep. Neal Dunn (R-Fla.) was more than a month late disclosing to Congress that his wife purchased up to $50,000 worth of stock in MicroStrategy Inc., a business intelligence and cryptocurrency firm that owns more than $40 billion worth of Bitcoin.
Dunn is the latest among dozens of federal lawmakers who’ve violated the disclosure requirements of the Stop Trading on Congressional Knowledge Act of 2012, which in part requires members of Congress to submit signed certifications of any stock trade made by themselves, a spouse or dependent child — and do so within 45 days of a trade.
On Dec. 24, Dunn’s wife, Leah Dunn, purchased between $15,001 and $50,000 worth of stock in MicroStrategy. (The company rebranded itself “Strategy” in February.) But Dunn did not disclose the trade until March 10, well after the federal deadline for doing so, a congressional filing indicates.
Leah Dunn’s investment in a company steeped in digital financial assets comes at a pivotal time for the cryptocurrency industry, with President Donald Trump having earlier this month taken steps to establish a federal “strategic Bitcoin reserve” — something for which MicroStrategy CEO Michael Saylor has advocated.
Matt Maley, a spokesman for Dunn’s congressional office, acknowledged the lawmaker’s improper stock trade disclosure and told OpenSecrets that the couple’s financial trades are “made by an independent broker without any input from either the congressman or Mrs. Dunn.”
When an attorney who assists Dunn with filing financial disclosures noticed that the MicroStrategy stock purchase had not been properly disclosed, Dunn filed a late disclosure, Maley said. Dunn then notified the House Ethics Committee and “took all necessary action to ensure the situation was resolved.
“Congressman Dunn takes ethical and financial concerns very seriously and plans to continue working with the Ethics Committee to ensure that all necessary reporting requirements on this transaction are fulfilled,” Maley said.
Maley declined to comment on whether Dunn has paid a perfunctory $200 fine for a late filing — something the STOCK Act calls for, but that the Ethics Committee has been known to waive.
As for Leah Dunn’s investment, she purchased MicroStrategy stock on a day it closed above $358 per share. This week, the stock has been trading below $270 per share.
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