Congressman Disgorges IPO Stock Profits
Posted at 11:10 a.m. on Nov. 29, 2013
A U.S. Congressman who profited from several stock transactions involving initial public offerings (IPOs) has disgorged the profits to the U.S. Treasury.
After contacting the House Ethics Committee, Rep. Beto O’Rourke, D-Texas, told his broker to sell all remaining shares of stock involved with IPOs, and sent the $7,136 in profits to the U.S. Treasury, according to an article in the El Paso Times.
The House Ethics Committee had issued a warning about participating in initial public offerings, since many of those transactions are not available to the general public.
O’Rouke had disclosed his IPO transactions in periodic reports of stock transactions, as required by the Stop Trading On Congressional Knowledge (STOCK) Act.
View earlier Political MoneyLine article on O’Rourke’s stock transactions.