Bakkt’s former chief executive officer (CEO) Kelly Loeffler has been accused of insider trading for selling up to $3.1 million in stocks before the coronavirus outbreak became a global pandemic.
Loeffler left her position as Bakkt CEO to serve Georgia state as a junior senator. Loeffler had been working with other state officials on the coronavirus and had a meeting about the outbreak on January 24.
On January 25, she sent out a tweet confirming the meeting. Reportedly, it was a private session with the head of the National Institute for Allergies and Infectious Diseases (NIAID), the Centers for Disease Control and Prevention (CDC) director, and the United States Senate.
Not long after, an account jointly owned by her and her husband sold equities worth millions of dollars. Loeffler’s husband is the New York Stock Exchange (NYSE) Chairman, Jeffrey Sprecher.
It is now being said that she knew stocks would crash and took the position with her husband.
Furthermore, Loeffler purchased stocks in the teleworking software firm Citrix. The firm’s stock has now climbed 25% in less than a month.
In a recent tweet, she has called the accusations “ridiculous and baseless.” According to her, the investment decisions on her portfolio are made by third-party advisors.
Sprecher and Loeffler both founded Bakkt together. The crypto firm recently completed a new funding round, worth $300 million.
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