Inhofe says Justice Department has cleared him in stock sale inquiry

The U.S. Justice Department has cleared U.S. Sen. Jim Inhofe of wrongdoing in the sale of stocks in five companies after a briefing about the spread of the coronavirus, Inhofe said Tuesday.

Inhofe was among four senators whose stock trades were questioned because they followed a Jan. 24 briefing to senators about the pandemic’s imminent spread to the United States.

“As I’ve said all along, I wasn’t even at the briefing and do not make my own stock trades,” the Oklahoma Republican said Tuesday. “I did nothing wrong, and I’m pleased the Justice Department has exonerated me.”

The senator, whose stock trades have for years been handled by a portfolio manager, filed a report with the Senate showing that he sold shares in five companies on Jan. 27, three days after the briefing. The Jan. 27 sales were worth between $180,000 and $400,000.

The shares were in: Danaher, a global science and technology company; Intuit, which makes tax preparation software; Paypal, an online payment company; Apple, which makes phones and computers; and Brookfield Asset Management.

Records show he sold more shares a month later in Brookfield Asset Management; those shares were worth between $50,000 and $100,000.

Records from prior years show he also reported sales of shares in Danaher and Paypal in 2019 and sales of shares in Apple and Brookfield Asset Management in 2018.

Records also show Inhofe has sold stock in January in four of the last five years. His January stock sales in 2019 far exceeded the sales this year.

However, some alleged Inhofe sold the stocks this year after benefiting from inside information about the pandemic.

According to media reports on Tuesday, Sens. Dianne Feinstein D-Calif., and Kelly Loeffler R-Ga., have also been cleared of wrongdoing related to stock sales made after the Jan. 24 briefing.

Sen. Richard Burr, R-N.C., is also being investigated for stock sales linked to the briefing. According to media reports, the FBI seized Burr’s cell phone as part of the investigation.

When questions arose in March about the senators’ stocks sales, Inhofe said he did not attend the briefing. And he issued a statement saying that he had instructed his financial advisor to sell shares of individual securities to avoid questions of conflicts because of his position as chairman of the Senate Armed Services Committee.

Inhofe’s portfolio management company released a statement in March saying that it made all decisions related to the senator’s stock holdings.