Poor Miss Madison can’t catch a break. First his GOP frenemies leaked those lingerie photos of him, and now another GOP rival (presumably) has tipped the news to a conservative paper that Cawthorn may soon be investigated for insider trading. It’s an orchestrated attack, and right-wing media is clearly coordinating with the GOP to take out one of their own, all because of Cawthorn’s infamous orgy comments earlier this month. He’s probably guilty, of course, given that so many members of congress are corrupt clowns who engage in inside trading, but it’s funny to watch this one being wiped out by his own squad, especially since he’s so pretty. Via right-wing rag Washington Examiner:
Rep. Madison Cawthorn may have violated federal insider trading laws as he hyped up an alleged pump-and-dump cryptocurrency scheme, multiple watchdog groups told the Washington Examiner.
On Dec. 29, the beleaguered North Carolina congressman posed at a party with James Koutoulas, a hedge fund manager and the ringleader of the Let’s Go Brandon cryptocurrency, a meme coin set up in the wake of the chant mocking President Joe Biden.
“LGB legends. … Tomorrow we go to the moon!” Cawthorn, who has stated publicly he owns the cryptocurrency, posted on Instagram in response to the picture posted on Koutoulas’s Instagram page.
The next day, LGBCoin did exactly as the lawmaker predicted.
NASCAR driver Brandon Brown announced on Dec. 30 that the meme coin would be the primary sponsor of his 2022 season, causing LGBCoin’s value to spike by 75%. Brown’s statement featured comments from Koutoulas, who was pictured with Cawthorn just a few hours prior.
Multiple watchdog groups told the Washington Examiner that Cawthorn’s Dec. 29 Instagram post suggests the lawmaker may have had advanced nonpublic knowledge of LGBCoin’s deal with Brown. The watchdogs said the post, combined with Cawthorn’s statement that he owns LGBCoin, warrants an investigation from the Department of Justice and the Securities and Exchange Commission to determine whether the lawmaker violated federal insider trading laws.
“This looks really, really bad,” said Dylan Hedtler-Gaudette, the government affairs manager for Project on Government Oversight, a federal watchdog group. “This does look like a classic case of you got some insider information and acting on that information. And that’s illegal.”
[Washington Examiner: Madison Cawthorn implicated in potential insider trading scheme, experts say]