When you’re a U.S. Senator with a net worth of $500 million and suddenly dump millions in stock right after a secret coronavirus briefing, people will notice. And that’s exactly what happened with Kelly Loeffler in 2020
Shortly after attending a closed-door COVID-19 briefing on January 24, 2020, media reports revealed that she and her husband had sold off millions of dollars of stock before the pandemic’s crash,
This article breaks down the timeline of those trades, the reaction they sparked, and what followed.
TL;DR
- Senator Kelly Loeffler attended a private COVID-19 briefing on January 24, 2020
- Same day, she and her husband began selling millions in stocks from 27 companies.
- They also bought shares in companies that would benefit from the pandemic (like Citrix)
- Total trades: $1.275-$3.1 million initially, plus $18.7 million in ICE stock later
- Both DOJ and Senate Ethics Committee cleared her of wrongdoing by June 2020
- Insider trading allegations remain unproven
How Kelly Loeffler’s Insider Trading Allegations Started
On January 24, 2020, Kelly Loeffler attended a private, senators-only briefing about an “emerging public health threat” – the coronavirus. This was just three days after the first U.S. case was confirmed. The public had no idea what was coming.
Literally the same day, Loeffler and her husband, Jeffrey Sprecher (who happens to be the CEO of the company that owns the New York Stock Exchange), started selling stocks.
Between January 24 and February 14, they sold between $1.275 million and $3.1 million worth of stock in 27 different companies.
They also bought stock in two companies, including Citrix, which makes remote collaboration software; the kind of software that would explode in value during a work-from-home pandemic.
News outlets picked up the story quickly, drawing more scrutiny to the whole scenario.
In response, Loeffler insisted that she “did nothing wrong,” calling the criticism “ridiculous and baseless” and emphasizing that investment decisions were made by outside managers.
Still, the timing of these trades raised eyebrows, especially as the market began a steep decline in mid-February 2020, with the Dow Jones falling 37% over the next five weeks.
Jan. 24, 2020 – Private Briefing
Loeffler sat in on a closed-door Senate Health Committee briefing about the coronavirus, alongside officials like Dr. Anthony Fauci. This meeting happened just days after the first U.S. COVID-19 case was confirmed.
Jan. 24–Feb. 14, 2020 – Stock Sales and Buys
In this period, Loeffler and her husband executed over 20 stock trades, selling between $1.275 million and $3.1 million of stock.
They dumped shares in industries sensitive to a shutdown (like retail and energy) and simultaneously bought shares in companies set to benefit from the crisis.
For example, on Feb. 14, they bought stock in Citrix, a telework software maker.
Late Feb.–Mid-March 2020 – More Trades
In late February and early March 2020, Loeffler sold about $18.7 million of ICE stock in a few large transactions (on Feb. 26 and Mar. 11). This was by far her biggest single sale.
She and Sprecher also sold smaller amounts of stock in other companies around the same time, including about $155,000 total in retail chains (Ross, TJX, and Lululemon).
At the same time, the couple’s portfolio showed new purchases of some stocks that later did well under pandemic conditions, such as DuPont (which makes protective gear) and the earlier Citrix shares.
All of these transactions were publicly reported in periodic transaction reports filed under the STOCK Act.
March 2020 – Market Collapse
On March 13, 2020, President Trump declared a national emergency for COVID-19, and U.S. markets plunged.
Loeffler remained publicly upbeat; on March 10, she tweeted that “the economy is strong” after meeting with the President and Treasury Secretary.
March 20, 2020 – Ethics Complaints Filed
Citizens for Responsibility and Ethics in Washington (CREW) filed a complaint asking the Senate Ethics Committee to investigate Loeffler’s trades.
Common Cause filed a similar complaint. These groups alleged potential violations of insider trading laws and the STOCK Act, arguing the sales looked suspicious.
June 2020 – Investigations Close
By mid-June 2020, both the Department of Justice and the Senate Ethics Committee announced they would take no action.
The DOJ quietly ended its inquiry on May 26, and on June 16, the Ethics Committee wrote Loeffler that it had “no evidence” she violated any law or rule.
Kelly Loeffler Insider Trading Verdict
Kelly Loeffler’s stock trades in early 2020 became a national controversy because they coincided with Congress learning about the pandemic, raising questions under the STOCK Act.
News reports in spring 2020 detailed the timeline: after a classified coronavirus briefing, Loeffler (and her husband) sold millions in stock and made a few strategic purchases.
The media and public reacted strongly, and investigators in the DOJ and Senate Ethics Committee looked into the matter.
In the end, however, all official reviews found no wrongdoing. By mid-2020, both the Justice Department and the Senate Ethics panel formally closed their inquiries with no charges, declaring that Loeffler had committed no illegal act.
As a result, the allegation of insider trading remains unproven.