The Oceania Times

Top Menu

  • About us
  • Contact Us
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions

Main Menu

  • Australian Economy
  • Brokers
  • Commodities
  • Currencies
  • Financial Market
  • Gold and Precious Metals
  • Investment
  • Stock Shares
  • About us
  • Contact Us
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions

logo

The Oceania Times

  • Australian Economy
  • Brokers
  • Commodities
  • Currencies
  • Financial Market
  • Gold and Precious Metals
  • Investment
  • Stock Shares
  • Asian shares fall as investors brace for inflation report

  • A-Mark Precious Metals (NASDAQ:AMRK) vs. Maison Luxe (OTCMKTS:MASN) Head-To-Head Comparison

  • Stock Market LIVE: Indices flat; Nifty below 17,500; IT, Media drag

  • The big change coming to Australian inflation after Reserve Bank governor Philip Lowe laughed at

  • South Korean won, Philippines peso lead losses among subdued Asian currencies

Investment
Home›Investment›Rep. Madison Cawthorn Fails to Disclose Investment in Controversial Memecoin on Time

Rep. Madison Cawthorn Fails to Disclose Investment in Controversial Memecoin on Time

By Megan
May 28, 2022
17
0
Share:

The once-rising star of the GOP Representative Madison Cawthorn is proven to violate the federal STOCK Act that requires lawmakers to report their investments within 45 days after making them.

The news came days after the House Ethics Committee had announced an investigation on the Congressman for his possible involvement in a pump-and-dump cryptocurrency project called “Let’s Go Brandon(LGB).”

Failed to Disclose Meme Coin Purchase

As the first member of the US Congress born in the 1990s, the 26-year-old Republican Representative who just lost his bid in his party’s primary election now faces another controversy – and it is about cryptocurrency. Madison Cawthorn is proven to fail to report his stake in the meme coin named “Let’s Go Brandon” – a violation of the 2012 Stop Trading on Congressional Knowledge Act, or STOCK Act.

According to the financial disclosures released on Friday, the young Congressman purchased up to $250,000 worth of LGB on December 21. On the 27th and 31st of the same month, he also purchased up to $265,000 worth of Ethereum.

Though it’s not illegal for lawmakers to trade cryptocurrencies, they must report their purchases within 45 days after making them, according to the Act. In Cawthorn’s case, he reported his investments almost 5 months later than what was required.

With the rising interest in virtual currencies, the House Committee on Ethics published a memorandum to Representatives and staffers in 2018, outlining that financial disclosure filings must include ownership details of “purchases, sales or exchanges of cryptocurrencies” worth more than $1,000.

Cawthorn is expected to face a minimum fine of $200, but he may receive a waive from the House Committee on Ethics. He reportedly joined 60 other lawmakers who failed to “disclose any stock trade made by themselves, a spouse, or a dependent child.”

A Possible Pump and Dump Scheme

It’s worth noting that the anti-Joe Biden meme coin LGB peaked at a market cap of roughly $570 million by the end of last year, but the coin soon plummeted to nearly zero within a month. Though the project was re-launched after the collapse, it soon fell back to almost nothing again.

On December 30, NASCAR driver Brandon Brown revealed that the crypto project would be the primary sponsor of his 2022 season. The news created a massive buzz, and the project soared in value. However, the potential deal with Brown was proven to be canceled in January. Meanwhile, unidentified insiders who had purchased a substantial amount of the coins in circulation quickly dumped all of them, causing numerous investors huge losses.

Days before the catastrophe occurred, Cawthorn had posted on his Instagram, chanting for the cryptocurrency “going to the moon.” It was seen by regulators that the Congressman probably had advanced non-public knowledge of the deal with Brown and benefited from such a trade.

On May 23rd, the House Ethics Committee published a release noting that it had begun to investigate Cawthorn’s improper promotion of a cryptocurrency “he may have had an undisclosed financial interest.”

Featured image courtesy of ABC News

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Source link

Previous Article

Mobile gaming’s market share hit, web3 app ...

Next Article

China launches empire building exercise in Pacific ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Megan

Related articles More from author

  • Investment

    Hasbro fends off Texas investment firm in proxy battle

    June 8, 2022
    By Megan
  • Investment

    iShares Broad USD Investment Grade Corporate Bond ETF (NASDAQ:USIG) Increases Dividend to $0.13 Per Share

    July 2, 2022
    By Megan
  • Investment

    Deputy Secretary Beaudreau Highlights Bipartisan Infrastructure Law Investments in Montana

    June 10, 2022
    By Megan
  • Investment

    Drafting for the floor: Using Warren Buffett’s investment strategy to win at fantasy football

    June 23, 2022
    By Megan
  • Investment

    ASTL Infrastructure now offering AI Mining Investment

    July 1, 2022
    By Megan
  • Investment

    Cutera (NASDAQ:CUTR) Upgraded by Zacks Investment Research to Hold

    June 5, 2022
    By Megan

Leave a reply Cancel reply

You may interested

  • Financial Market

    Key Takeaways from CVCA Canadian Market Overviews for Q1 2022 | Knowledge

  • Stock Shares

    Technology Co. Ltd. Amtran Sells 70,000 Shares of VIZIO Holding Corp. (NYSE:VZIO) Stock

  • Investment

    Arete Wealth is the Industry’s Fastest Growing Independent Broker-Dealer, 2022 Investment News Survey Reveals

  • LATEST REVIEWS

  • TOP REVIEWS

Timeline

  • August 10, 2022

    Asian shares fall as investors brace for inflation report

  • August 10, 2022

    A-Mark Precious Metals (NASDAQ:AMRK) vs. Maison Luxe (OTCMKTS:MASN) Head-To-Head Comparison

  • August 10, 2022

    Stock Market LIVE: Indices flat; Nifty below 17,500; IT, Media drag

  • August 10, 2022

    The big change coming to Australian inflation after Reserve Bank governor Philip Lowe laughed at

  • August 10, 2022

    South Korean won, Philippines peso lead losses among subdued Asian currencies

Best Reviews

Latest News

Stock Shares

Asian shares fall as investors brace for inflation report

People walk past a screen displaying the Hang Seng stock index outside Hong Kong Exchanges, in Hong Kong, China July 19, 2022. REUTERS/Lam Yik Register now for FREE unlimited access ...
  • A-Mark Precious Metals (NASDAQ:AMRK) vs. Maison Luxe (OTCMKTS:MASN) Head-To-Head Comparison

    By Megan
    August 10, 2022
  • Stock Market LIVE: Indices flat; Nifty below 17,500; IT, Media drag

    By Megan
    August 10, 2022
  • The big change coming to Australian inflation after Reserve Bank governor Philip Lowe laughed at

    By Megan
    August 10, 2022
  • South Korean won, Philippines peso lead losses among subdued Asian currencies

    By Megan
    August 10, 2022
  • Recent

  • Popular

  • Comments

  • Asian shares fall as investors brace for inflation report

    By Megan
    August 10, 2022
  • A-Mark Precious Metals (NASDAQ:AMRK) vs. Maison Luxe (OTCMKTS:MASN) Head-To-Head Comparison

    By Megan
    August 10, 2022
  • Stock Market LIVE: Indices flat; Nifty below 17,500; IT, Media drag

    By Megan
    August 10, 2022
  • The big change coming to Australian inflation after Reserve Bank governor Philip Lowe laughed at

    By Megan
    August 10, 2022
  • Asian shares fall as investors brace for inflation report

    By Megan
    August 10, 2022
  • Australian economy survived Covid better than most but recovery could slow, OECD says | Australian ...

    By Megan
    September 14, 2021
  • The Best Online Brokers, According to 5 Financial Experts

    By Megan
    September 14, 2021
  • Is Disaster Looming for Australia’s Economy?

    By Megan
    September 29, 2021

Trending News

  • Stock Shares

    Asian shares fall as investors brace for inflation report

    People walk past a screen displaying the Hang Seng stock index outside Hong Kong Exchanges, in Hong Kong, China July 19, 2022. REUTERS/Lam Yik Register now for FREE unlimited access ...
  • Gold and Precious Metals

    A-Mark Precious Metals (NASDAQ:AMRK) vs. Maison Luxe (OTCMKTS:MASN) Head-To-Head Comparison

    A-Mark Precious Metals (NASDAQ:AMRK – Get Rating) and Maison Luxe (OTCMKTS:MASN – Get Rating) are both small-cap consumer discretionary companies, but which is the superior business? We will compare the ...
  • Stock Shares

    Stock Market LIVE: Indices flat; Nifty below 17,500; IT, Media drag

    Asian markets started on a negative note following a retreat in Wall Street. This was mostly due to the caution ahead of US inflation data that will shape nvestor expectations ...
  • Australian Economy

    The big change coming to Australian inflation after Reserve Bank governor Philip Lowe laughed at

    How Reserve Bank boss getting LAUGHED at on the world stage will radically change Australia’s economy The Australian Bureau of Statistics is trialing a new monthly inflation data series Reserve ...
  • Currencies

    South Korean won, Philippines peso lead losses among subdued Asian currencies

    BENGALURU (Aug 10): Most Asian currencies were subdued on Wednesday, while most stock markets in the region fell, tracking losses on Wall Street, as investors awaited US inflation data later ...
  • About us
  • Contact Us
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© Copyright The Oceania Times. All rights reserved.

SUBSCRIBE TO OUR NEWSLETTER

Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.