An in-depth report of newly filed congressional records by Business Insider recently revealed that GOP Rep. Pat Fallon failed to properly disclose dozens of stock trades together worth at least $7.8 million — and as much as $17.53 million.
Fallon, a Republican Freshman from Texas and former officer of the Air Force who later on founded an apparel company featuring military and patriotic designs, allegedly broke federal law which states that members of Congress have 30 days from when they become aware of a stock trade to formally disclose it in a certified report.
The Republican was up to four months late in some disclosures, with some others arriving about a month late, which could entitle him to an ethics investigation or fine regarding the 93 stock trades he made between mid-January and mid-April.
As reported by Business Insider, out of the 14 companies where Fallon bought and sold the shares in the first months of 2021, Boeing –the defense and contracting giant- is of particular note, since Fallon is a member of the House Armed Services Committee, in charge of overseeing the government’s relationship with defense contractors, frequently debating Boeing’s military aircraft and weapons systems.
“You’re overseeing an industry that you have an investment in. At a minimum, it raises the appearance that this member could be leveraging his insight and intel,” said Delaney Marsco, an ethics counsel at the Campaign Legal Center.
In spite of having taken required congressional ethics training where congressional financial-disclosure rules are routinely covered, Luke Ball, a Fallon spokesman, acknowledged that the House Armed Services Commissioner didn’t publicly disclose his stock trades on time, according to a statement provided to Insider.
Besides Boeing Co., Fallon bought and traded stocks from Amazon.com Inc., American Airlines Group Inc., Apple Inc., Applied Materials Inc., Caterpillar Inc., Chevron Corp., Facebook Inc., FedEx Corp., Microsoft Corp., PayPal Holdings Inc., UnitedHealth Group Inc., Verizon Communications Inc., and the Walt Disney Company.