Congressman O'Rourke may have broken law with Twitter stock purchase
POSTED: Tuesday, November 26, 2013 - 9:33pm
UPDATED: Tuesday, November 26, 2013 - 9:34pm
El Paso, Texas (KTSM) — El Paso congressman Beto O'Rourke is in hot water for a questionable stock purchase that may have broken the law.
O'Rourke purchased $2600 worth of Twitter shares earlier this year when the social network made its initial public offering, or IPO.
That may be in violation of a 2012 law called the Stop Trading on Congressional Knowledge Act. The STOCK Act is intended to keep members of congress from getting special deals that aren't available to the general public.
O'Rourke says he alerted the House Ethics Committee that he may have broken law after he he learned of purchase.
O'Rourke says it was a mistake and that his broker invested the money without his knowledge.
"As soon as we had that information I informed the ethics committee and I wanted to make sure my constituents knew so i've been talking to media and posting on Facebook. I want to make sure everything I do is as transparent and open as possible," the congressman told Newschannel 9.
O'Rourke says it's still unclear whether his investments actually broke the law and also says it's unclear what penalties he could face, if any.
The Twitter shares O'rourke purchased shot up more than 70 percent just hours after they were purchased.