Rep. Tom Malinowski (D-NJ) is fending off charges from ethics experts about undisclosed securities purchased before their prices took off during the pandemic, according to a report in The Daily Wire.
The New Jersey Democrat reportedly bought while the price was very low and held the securities till they soared in price, selling them for a substantial profit, something he didn’t disclose properly.
The Associated Press reported on Malinowski’s actions, pointing out that the move was particularly hypnotical for the Democrat who told MSNBC in April of 2020 that no one should be making money off essential health-related items during the pandemic:
“This is not the time for anybody to be profiting off of selling ventilators, vaccines, drugs, treatments, PPE (personal protective equipment), anywhere in the world,” Malinowski said.
Formerly the Assistant Secretary of State for Democracy, Human Rights and Labor with the Obama Administration starting in 2014, Malinowski has had no problem sharing his opinion on key issues. That, however, might be problematic for the New Jersey representative going forward.
“Since early 2020, Malinowski has bought or sold as much as $1 million of stock in medical and tech companies that had a stake in the virus response, according to an analysis of records by The Associated Press,” the AP reported as part of their coverage.
“The trades were just one slice of a stock buying and selling spree by the congressman during that time, worth as much as $3.2 million, that he did not properly disclose.”
According to ethics attorney Richard Painter, “It boggles my mind why he’s doing it. It’s a huge conflict of interest and not an acceptable situation.”