The House Oversight Committee is being urged to look into the possibility that the former president used his influence to benefit Trump Media stock.
The Congressional Integrity Project sent a letter to House Oversight Committee Chair James Comer (R-KY):
Since you have expressed interest in fighting corruption and influence peddling, we want to bring your attention to a concerning report about Trump Media & Technology Group getting funding from a Russian-backed trust, as well as the news that two investors in Trump Media pleaded guilty to securities fraud on Wednesday.
We are asking for an investigation into potential influence peddling and corruption involving a former president and current presidential candidate.
…
While you have shown willingness to protect Donald Trump and his clear connections to Russia, and have also accepted false claims against Joe Biden made by Russian agents, this is an opportunity to prioritize the country over loyalty to Trump. If needed, we can provide more evidence implicating President Trump and his family in influence peddling with foreign adversaries, and we are eager for the first Congressional hearing on the matter.
With the stock plummeting rapidly, and Trump promoting it with outrageous claims on Truth Social, it is just a matter of time before shareholder lawsuits are filed and federal agencies start an investigation.
This is not a century ago. Laws are in place to protect investors from apparent scams like the one Trump and his associates seem to be involved in. Truth Social is not sharing its complete data with investors, including the number of users, and seems to be losing money at an alarming rate.
In other words, it seems to be another fraud scheme by Trump.
James Comer and House Republicans are unlikely to take action, but letters like this are important for bringing public attention and pressuring regulators to act.
