2021 was an interesting year for the market, and even more so for the politicians who indulged in trading. While some were busy spending the holiday season, there were some lawmakers who did not take a break from the market.
We’re looking at Rep. Blake David Moore (R-UT) and Rep. Robert C. Scott (D-VI) who both scored some eye-popping Capital Gains, as reported in January ‘22.
Astounding Capital Gains in a Single Day
Elected to the 117th Congress on January 3, 2021, Rep. Blake David Moore (R-UT) is a frequent stock trader. Assigned to the Armed Services and Natural Resources Committees, Moore came under scrutiny for the delayed reporting of his trades. He had 78 unreported trades, from January to June, which were disclosed on July 17, 2021, but made available two days because of the weekend. The worth of these trades was approximately between $78,078 and $1.2 million. Moore later acknowledged the mistake and paid a fine.
Aside from these past dallies, what sounds more questionable is how he managed to fetch capital gains from stock in one single day.
Wynn Resorts Ltd. (NASDAQ: WYNN) stock, valued at $80.79, was purchased and sold by Moore on December 20, 2021. As per CapitolTrades, this is not the first time the Representative dabbled in $WYNN.
In the past, he frequently both bought and sold stock options of $WYNN in August, September, and October of 2021. Nearly all these times, the buy and sell trades were carried out on the same dates with significant rises in value.
Nine Successes from Nine Sales
Rep. Robert C. Scott (D-VI) was sworn into office on January 3, 1993. He currently sits on the Budget, Education & Labor, and the Solvency of Multiemployer Pension Plans. In the past, he has also been on the Judiciary Committee.
In a disclosure filed on January 11, 2022, Scott scored Capital Gains greater than $200 on nine trades. On December 28, 2021, he had sold stocks from the following issuers, with their total values in the $1,001 to $15,000 range each:
- Air Products and Chemicals Inc. (NYSE: APD)
- Carlisle Companies, Inc. (NYSE: CSL)
- Fifth Third Bancorp (NASDAQ: FITB)
- Intel Corporation (NASDAQ: INTC)
- International Flavors & Fragrances Inc (NYSE: IFF)
- JPMorgan Chase & Co. (NYSE: JPM)
- Linde PLC (NYSE: LIN)
- Pfizer Inc. (NYSE: PFE)
- Sherwin-Williams Co (NYSE: SHW)
These sales were also Scott’s only transactions in the year 2021. His past trades, also sales, are dated back to 2020.
Like Moore and several other lawmakers, Scott too has been probed into for the delayed disclosures of his trades. These were most likely his sales of CDK Global Inc (NASDAQ: CDK) & Colgate-Palmolive Co (NYSE: CL). Both these trades were carried out on December 30, 2020, but unveiled to the public on September 9, 2021; a staggering 8 months and 10 days later. His record on CapitolTrades is studded with sales. Hence it is assumable that the Representative has some undisclosed trades prior to his time as a Congress member.
Of the above-mentioned issuers, some have had significant rises in their prices in the past year. $CSL rose by 58.76%, $FITB went higher by 55.21%, and $PFE increased by 53.69%.
A note from the disclosures quoted, “The total value of my holdings in FITB stock did not exceed the $1,000 reporting threshold for my CY20 Financial Disclosure.”