Republican U.S. Senate candidate Kari Lake accused Representative Ruben Gallego (D-AZ-03) of violating the U.S. Stock Act on Wednesday after the Democrat reported two stock trades, which date to 2019 and 2022, in reports submitted on Tuesday.
The U.S. Stock Act requires Congress to report any stock purchases or sales within 30 or 45 days of the transaction.
Despite the requirement, the stock market tracking website Quiver Quantitative reveals Gallego made stock purchases in August 2019 and June 2022 that were not reported until August 13, 2022.
Gallego’s first stock purchase was between $15,001 and $50,000 in Aspiration Fund Adviser LLC on August 27, 2019.
His campaign report claims is Aspiration Fund Adviser an investment advisory service located in California. The report appears to have been filed 1,813 days after the transaction occurred.
The second transaction reported by Gallego was another purchase, also between $15,001 and $50,000, to of Namecoach Inc. on June 14, 2022.
Gallego’s second filing lists it as “convertible note. pronunciation guide services,” and states the company is also located in California. The filing appears to have been submitted 791 days after the stock purchase.
“Ruben Gallego just violated the Stock Act,” wrote Kari Lake in a post to the social media platform X. “He refused to disclose his stock trades for 300 DAYS beyond the deadline.”
Lake wrote, “Ruben Gallego thinks he’s above the law. Arizonans will hold him accountable in November.”
Ruben Gallego just violated the Stock Act. He refused to disclose his stock trades for 300 DAYS beyond the deadline.
Ruben Gallego thinks he’s above the law.
Arizonans will hold him accountable in November. https://t.co/06QYtvAZhQ
— Kari Lake (@KariLake) August 15, 2024
The reports were first reported on social media by the Nancy Pelosi Stock Tracker account, which charts the financial investments of former House Speaker Nancy Pelosi (D-CA-11) and reveals it has identified 10 elected officials, including Republicans and Democrats, who “violated the act in the past 45 days.”
Gallego was previously fined by the Federal Election Commission (FEC) and ordered to obtain training for his staff in 2015 after his treasurer filed an amended report that listed over $50,000 in disbursements that were not previously disclosed.
After the campaign was fined $2,000, a spokesman for Gallego stated, “The Gallego campaign immediately acted to self-report the error and we have followed through with every request made by the FEC to ensure this won’t be a problem in the future.”
Lake continues to trail Gallego, according to the RealClearPolling aggregate of surveys, which claims the Democrat enjoys a 4.4 percent polling advantage in the race to fill the Senate seat being vacated by Senator Kyrsten Sinema.
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Tom Pappert is the lead reporter for The Tennessee Star, and also reports for The Pennsylvania Daily Star and The Arizona Sun Times. Follow Tom on X/Twitter. Email tips to [email protected].
Photo “Kari Lake” by Kari Lake. Photo “Ruben Gallego” by Ruben Gallego.
