Rep. Thomas Suozzi is one of the many congressmen known for his recurring stock trades, but even more so alarming are his stock delays. The New York Representative had previously announced his intention to run for governor of the Empire State on November 29, 2021. While some view his campaigning as bleak, Suozzi is optimistic regardless. Unfortunately, private investors may not be very favorable towards him.
Yet Another Delay
This is not the first time Suozzi’s financial disclosures have clashed with the STOCK act. With a total of 379 trades to his name from 128 issuers, his trades have been frequently in the red zone. Some were reported within the time limit of 45-days, but some were delayed by as much as 950 days.
His most recent disclosure revealed trades from 16 issuers under the Representative’s name. All of these trades were carried out from September’17 to June’21 and finally revealed on March 03, 2022. The values of these trades soared up to as much as $885,000.
Apple Inc. (AAPL: US) was also among the aforementioned issuers. Suozzi purchased $AAPL stock in two trades; one on November 4, 2018, and the other on December 19, 2018, at a price of $48.69 and $39.00, after split, respectively. Sold today, the tech stock could fetch him a profit of almost 308.5%.
Additional stocks from this same disclosure which have risen significantly in price over the past four or five years include:
- Waste Management Inc. (WM: US) - Stock price rose by around 41.2% from $85.04 to a present value of $155.85.
- Caterpillar Inc. (CAT: US) - Suozzi bought $CAT in three separate transactions from 2017 to 2019. On January 29, 2019, the price was $117.18 and now stands at $196.7, marking a 67.9% increase.
- Blackrock Inc. (BLK: US) - Stock value went up by nearly 63.4%. Suozzi’s purchase of $BLK was $414.34 per share. Now, it’s standing at $63.4.
Following these are also some sales which, considering their price falls over the years, have saved the Representative some big losses.
- Boeing Co. (BA: US) - $BA has seen a great decline in the past few years. Suozzi sold the stock twice on April 17, 2018 and March 5, 2019 at a value of $322.48 and $420.05 respectively. Now, the stock is worth $169.17, saving him losses of roughly 59.7%.
- General Electric Company (GE: US) - Suozzi let go of this stock on May 8, 2018 at a price of $106.32. Now the value has fallen by almost 19.7% and is currently worth $85.38.
Other eye-catching trades that have finally made it to the front page were purchases of Control4 Corporation stock, from April 30, 2018, to January 8, 2019. In June’19, Control4 announced its merger with SnapAV. The latter changed its name and became a publicly-traded company under Snap One Holdings Corp. (SNPO: US) in 2021. $SNPO has shown a good start, having risen by 9.17% since the company’s IPO in July’21.
Checking His Portfolio
As stated earlier, this is remarkably not the first time Rep. Suozzi has failed to report trades on time. In the past, he disclosed as many as 300 trades in a single report dated September 24, 2021. These contained trades as far back as March 29, 2019, or as recent as August 26, 2021.
Suozzi was also present in our books as one of the many politicians who stocked up on $TSLA in late 2021. As of yet, the New York Representative is still holding on to most of his purchases. Instead, he has busied himself with running for the position of Governor of New York. Moreover, Suozzi was also named as one of New York’s two Congressmen with the bulkiest stock portfolios; the other being Rep. Chris Jacobs.
Ironically, a fellow Congress member from Suozzi’s own state, Rep. Alexandria Ocasio-Cortez has spoken for a ban on Congress members’ stock trading. This is not all that surprising; the STOCK act was drawn up in 2012 to tighten the rope of Congress trading. Regardless, many Congress members continue to slip from under this rope as well.