HomeCongress & CourtsRep. Madison Cawthorn Is Being Investigated for Insider Trading, According to a...

Rep. Madison Cawthorn Is Being Investigated for Insider Trading, According to a Republican Senator

Sen. Thom Tillis (R-NC) has requested that Rep. Madison Cawthorn (R-NC) be investigated for alleged bitcoin insider trading.

 After the Washington Examiner reported that Cawthorn had raised suspicions among “multiple watchdog groups” for promoting the cryptocurrency “Let’s Go, Brandon,” named after a vulgar anti-Joe Biden phrase popular among Donald Trump supporters, Tillis demanded an investigation by congressional ethics investigators.

Cawthorn posed with hedge fund manager James Koutoulas, the man behind the ” Let’s Go Brandon ” meme coin, in an Instagram shot taken in December, according to The Examiner. Cawthorn touted the coin in the post, boasting that he owned it and predicting it would “go to the moon” the next day.

The next day, NASCAR driver Brandon Brown stated that the cryptocurrency would be his principal sponsor for the 2022 racing season, sending the cryptocurrency’s value up by 75%, according to the Examiner.

According to the newspaper, the coin’s overall worth peaked at $570 million before plummeting. The movement prompted charges of a “pump and dump” strategy, in which promoters hype an investment to inflate its price before selling it. Deflated assets are left in the hands of suckers.

The government affairs manager for the watchdog group Project on Government Oversight, Dylan Hitler-Gaudette, told the Examiner, “This looks awful.” “This appears to be a typical case of you receiving insider information and acting on it. And that’s against the law.”

A class-action lawsuit has already been filed against Koutoulas by an investor. Even though Cawthorn is not a named defendant in the suit, he is listed as one of the “celebrities” who promoted the coin.

Cawthorn did not reply to the Examiner or the Raleigh-based News & Observer, which covered the issue. On the other hand, he slammed an anonymous senator on Instagram, calling him a “RINO” (Republican in Name Only). He also claimed that he was being targeted by “the establishment.”

Cawthorn has come under fire for multiple contacts with police enforcement involving firearms and traffic violations in recent months. According to authorities, he was stopped over twice for speeding, driving without a license, and driving with a suspended license.

Cawthorn was then issued a misdemeanor ticket for possession of a dangerous weapon on Tuesday after attempting to pass through a security checkpoint at Charlotte Douglas International Airport in North Carolina with a loaded revolver, according to police.

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Cawthorn had been arrested attempting to get firearms past airport security for the second time. He was stopped trying to board a plane with an unloaded rifle and a magazine full of ammo in his carry-on bag at Asheville Regional Airport in North Carolina last year.

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