NC Senator Richard Burr has agreed to step down as chairman of the Senate Intelligence Committee after he allegedly sold stocks to avoid huge financial losses amid the coronavirus outbreak.
Burr faces allegations of insider trading, which is punishable by prison time and stiff fines.
Burr, a member of the Republican Party, is the first to step down after a handful of GOP and Democrat lawmakers were accused of selling stocks during the early stages of the coronavirus pandemic in March.
The list of senators under investigation include Georgia Senator Kelly Loeffler (GOP), Calif. Sen. Dianne Feinstein (Democrat), and Oklahoma Senator Jim Inhofe (GOP).
The news comes after Burr was served with a warrant to search his cellphone on Wednesday after previously being served with a warrant to access his iCloud account.
Burr and his wife are accused of selling $1.7 million worth of stocks to avoid huge losses before the country was ordered to shut down.
Burr's brother was also accused of selling stocks on the same day.
My statement in response to reports about recent financial disclosures: pic.twitter.com/J4kye5a4ok
— Richard Burr (@SenatorBurr) March 20, 2020