On Jan. 31, Burr received nonpublic information from a source whose name is redacted in the FBI documents. That same day, Burr put in orders to sell nearly $110,000 in stock from his and his wife’s brokerage accounts. On Feb. 12, Burr ordered the purchase of approximately $1.2 million of Treasury securities, using 76% of the total holdings in Burr and his wife’s joint account.
“Investors often purchase U.S. Treasury funds to hedge against a potential market downturn,” the FBI special agent, Brandon Merriman, notes. He also noted that the Dow Jones Industrial Average closed at a record high of 29,551.42 on Feb. 12.
Bolding mine, because those two points of information clearly define insider trading. And Burr was up to his elbows in it:
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