May 24, 2022

Madison Cawthorn under investigation for insider trading

Though it’s certainly rampant among Democrats, corruption is not the sole territory of the left. Now, one Republican lawmaker may find that out the hard way.

Rep. Madison Cawthorn is reportedly embroiled in an insider trading scandal, according to a Washington Examiner exclusive. The North Carolina Republican allegedly profited in a scheme to inflate the LGB Coin cryptocurrency.

Hedgefund manager James Koutoulas originated the cryptocurrency so named for an inside joke among conservatives as a dig at President Joe Biden. The phrase originated with a reporter who tried to pass off “F— Joe Biden” chants at a NASCAR race as “Let’s go, Brandon” in honor of driver Brandon Brown.

Watchdog groups who spoke to the news outlet said that Cawthorn had posed for a photo with Koutoulas on Dec. 29. The image was then posted to Koutoulas’s Instagram, and the lawmaker commented on the post.

“LGB legends. … Tomorrow we go to the moon!” he wr0te.  Cawthorn, who has admitted to owning the currency, somehow turned out to be uncannily prescient.

The next day, Brown announced that his 2022 primary sponsor would be none other than the LGBCoin, which sent it surging in value by 75%. The optics are terrible for Cawthorn considering Brown’s statement included quotes attributed to Koutoulas plus the social media post and comment the day before.

Furthermore, in February, Cawthorn introduced legislation to “deregulate cryptocurrencies and incentivize blockchain innovation” on the floor of the House of Representatives. It will be challenging to shake the stench of such terrible optics.

“This looks really, really bad,” Dylan Hedtler-Gaudette, government affairs manager for federal watchdog Project on Government Oversight, said. “This does look like a classic case of you got some insider information and acting on that information. And that’s illegal.”

“I think there’s probably a strong case here,” Hedtler-Gaudette added. “I don’t want to prejudge, but based on everything that’s out there, I think there is a very strong possibility that if someone is going to investigate this, they’re going to find something.”

Cawthorn could face charges if he violated federal law, and certainly, he would be removed from office. This alleged scheme is a terrible look for a congressman regardless of political affiliation.

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cozycalico (@guest_1286396)
26 days ago

Why? When Piglosy has been getting away with it for years.

madmemere (@guest_1286403)
Reply to  cozycalico
26 days ago

True enough, so if they want to investigate Cawthorn for this kind of activity, then have at it, BUT if they do, then they HAVE TO investigate commie pelosi AND ALL her cronies for doing the exact same thing.

Katherine Flores (@guest_1286489)
Reply to  madmemere
24 days ago

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