Home News Rep. Malinowski traded $1M in medical, tech stocks during pandemic

Rep. Malinowski traded $1M in medical, tech stocks during pandemic

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Rep. Tom Malinowski of New Jersey is facing two congressional ethics complaints after failing to disclose around $1 million in medical and tech stocks traded over the course of the pandemic. 

Malinowski (D-NJ) told the Associated Press that the lack of disclosure is “a mistake that I own 100 percent,” but stated that his broker, Gagnon Securities, holds control over his portfolio.  

“At no point in the last 25 years have I directed, suggested, or even asked questions about a particular trade being made by my brokerage firm,” he added. 

According to the report, the medical and tech trades were part of $3.2 million in stocks bought and sold that were not properly disclosed. 

The trades could be in direct violation of the Stock Act, a 2012 bill that prohibits lawmakers from using insider information they receive in making investment decisions and requires members to report their stock trades within 45 days. 

Rep. Tom Malinowski
Rep. Tom Malinowski is facing two ethics complaints for trading in medical and tech stocks during the COVID-19 pandemic.
Ken Cedeno/Pool via AP, File

In April 2020, the Democratic lawmaker took aim at those attempting to financially seize on the pandemic. 

“This is not the time for anybody to be profiting off of selling ventilators, vaccines, drugs, treatments, PPE [personal protective equipment], anywhere in the world,” he said during an appearance on MSNBC at the time.

Sens. Dianne Feinstein (D-Calif.) and Jim Inhofe (R-Okla.) and former Sen. Kelly Loeffler (R-Ga.) came under fire last year over allegations they were attempting to profit off the pandemic, with the Department of Justice having conducted since-closed probes into the trades.

Sen. Dianne Feinstein
Sen. Dianne Feinstein faced a similar complaint for allegedly trying to profit off the COVID-19 pandemic.
Oliver Contreras/AFP via Getty Images

Republicans quickly took aim at Malinowski, who represents a swing district, following the report.

“While American families and businesses struggled, Tom Malinowski used his official position to profit off the pandemic. Malinowski is a corrupt politician who cannot be trusted to do the right thing for New Jerseyans,” National Republican Congressional Committee spokeswoman Samantha Bullock said in a statement.

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