Skip to Main Content
 

Matthew Sanderson Speaks to ABC News on Senator Burr

March 20, 2020, ABC News

Republican Sen. Richard Burr is defending his decision to sell up to $1.72 million in stock ahead of the impact of coronavirus on global markets and has called on the Senate Ethics Committee to investigate whether he breached any laws or congressional rules.

. . .

Matthew Sanderson, an ethics lawyer and a Republican, said he viewed Burr’s statement as a "last gasp type of defense." He said several aspects of Burr’s stock sale raise red flags. First, Burr acknowledges that he directed the trades himself. Burr says he decided to sell his stocks based on CNBC’s health and science reporting out of Asia. At the time, CNBC was carrying reports on the potential for coronavirus to reach the U.S., and on the signs that travel demand would slump across the Asia-Pacific region.

"You have the Senate Intelligence Committee chairman saying, as a last resort defense, that he wasn’t relying on his classified briefings, but was instead simply referencing CNBC reports that were available to the entire market," Sanderson said. "To me that doesn’t hold any water.”"

If the CNBC reports drove his decision, Sanderson said, you would expect to see others making similar sales. Markets are designed to respond to publicly available knowledge, he said, and yet Burr’s sales came weeks ahead of those by the broader public.

"These are exactly the type of facts that gave rise to the STOCK Act," Sanderson said. "That’s why I think it should be investigated. You shouldn’t be telling the public one thing, and your broker another."

Matthew Sanderson is also a Member of the Political Law Group at Caplin & Drysdale.

To view the full article, please visit ABC News' website.

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills -- combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment -- make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:
For more information, please visit us at www.caplindrysdale.com.
Washington, DC Office:
One Thomas Circle NW
Suite 1100
Washington, DC 20005
202.862.5000
New York, NY Office:
600 Lexington Avenue
21st Floor
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.
© 2020 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practice Area(s)