July 4, 2022

Rep. Madison Cawthorn under investigation for alleged pump and dump scheme

Cryptocurrency is a gamble. However, it seems one lawmaker may have hedged his bets using his powerful position.

Rep. Madison Cawthorn allegedly used a pump and dump scheme to make money on the Let’s Go Brandon cryptocurrency before it tanked, the Washington Examiner reported. The North Carolina Republican recently lost his re-election chances in his state’s primary amid the scandal.

Cawthorn admitted Friday that he sold off a quarter-million dollars of the LGB cryptocurrency, on Dec. 31, 2021. Coincidentally, that was the peak of the currency’s value before it lost 100% of its value weeks later.

Government affairs lobbyist Craig Holman, who represents the consumer advocacy group Public Citizen, said it was “very damning” considering the series of events. “The timing is spot on for what suggests to be insider trading,” he said.

“He buys the stock, it increases dramatically in value, and he sells it at the peak moment,” Holman said of Cawthorn. “That’s what appeared to be what was going on in the first place, and this really confirms it.”

Moreover, Cawthorn had posted a photo on social media with him and the coin’s originator James Koutoulas at a Dec. 29 party. “LGB legends. … Tomorrow we go to the moon!” he captioned his suspiciously prescient Instagram post.

The next day, NASCAR driver Brandon Brown, who was linked to the meme when a reporter misheard his name in a vulgar chant against the president, announced the coin would be his primary 2022 sponsor. That shot up the value by 75% — and it turned out Koutoulas helped broker that deal.

A class-action lawsuit against Koutoulas may provide answers, though Cawthorn is not named. Still, the House Ethics Committee is looking into this transaction to find out if Cawthorn did indeed benefit from insider knowledge — and things aren’t looking good for him.

It seems Cawthorn has imploded and this latest scandal appears to be insurmountable. Whether he faces legal consequences or not, it’s doubtful he will ever have a future in government again after losing his re-election in his state’s primary.

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Evelyn Frazier (@guest_1288005)
1 month ago

I get paid more than $120 to $130 every hour for working on the web. I found out about this activity 3 months prior and subsequent to joining this I have earned effectively $15k from this without having internet working abilities
Copy underneath site to check it… 𝗪𝘄𝘄.𝗡𝗲𝘁𝗖𝗮𝘀𝗵𝟭.𝗖𝗼𝗺

Bill589 (@guest_1288010)
1 month ago

It is good to rid our government of the crooked politicians – whether they be Dem or RINO.

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