New Jersey Democratic Congressman Tom Malinowski made a series of stock trades in 2020 involving companies getting contracts to help the coronavirus response, leading to questions about his use of insider information to profit, Politico reports.
Malinowski’s full trading activity is not yet known, but he apparently shorted stocks and failed to report some trades, as is required by House ethics rules. His malfeasance could cost him his seat if he chooses to run for reelection, and it increases the possibility the GOP could pick up the seat Malinowski barely won in 2020.
“At no point in the last 25 years have I directed, suggested, or even asked questions about a particular trade being made by my brokerage firm,” Malinowski, who is serving his second term, told the AP. He also said his failure to file reports on his financial activity was “a mistake that I own 100%.”
Malinowski beat Republican state senator Tom Kean Jr., whose namesake father was a very popular governor of the state, by about 5,300 votes out of 434,000 cast. The GOP is committed to spending significant campaign funds on the district.