Senator Perdue’s stock market trades said justice case was traced

Mr. Grimes wrote back the next morning to apologize.

– David, I’m sorry. This email is not for you. Bad David! wrote.

Mr. Perdue then contacted Goldman Sachs trustee Robert Hutchinson and instructed him to sell a little over $ 1 million worth of Cardlytics shares, or about 20 percent of his position, three people said. One person familiar with Mr. Perdue’s trade said the conversation was remembered in an internal Goldman Sachs record that was later given to the FBI.

Financial Disclosure Forms Mr. Perdue is required to file with the Senate to show a $ 1-5 million sale of Cardlytics stock on Jan. 23.

Washington investigators began investigating Mr. Perdue in the spring; by June, the U.S. Atlanta Law Firm, along with prosecutors, was conducting the prosecution in the ministry’s Washington crime department.

Hutchinson told the FBI that Perdue and his wife are only considering a broader investment issue, such as the proportion of stocks and bonds to be held in their portfolio, an acquaintance of an interview says. But one person, familiar with Senator Goldman Sachs ’money management agreements, said Mr Perdue has some degree of discretion as to which trades to take and when.

In this case, Mr. Perdue’s legal team told investigators that in October 2019, Mr. Hutchinson advised their client to sell shares of Cardlytics in order to balance their stake. The value of the shares has risen and advisers have argued that Mr Perdue should take the profits from the sales and reinvest elsewhere to limit his exposure to the volatility of a single share. Mr Perdue has decided to continue these changes in January, his lawyers said.

Mr. Hutchinson declined to comment.

After conducting interviews with Mr. Perdue and Grimes, among others, investigators concluded that the senator had no non-public information about the company’s performance when it continued trading in the Cardlytics. People familiar with the case say the investigation ended later in the summer.

If Mr. Grimes ’email was accidental, said Tai Park, a former federal prosecutor and white-collar crime partner at White & Case Law Firm, Mr. Perdue“ could stand on firmer ground because it’s objective evidence that the CEO isn’t trying to overthrow him. . In any case, trading based on information received from the company’s CEO is extremely risky in any scenario and could draw investigators ’attention. “