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Jennie Lou Leeder Blog

WOW! Shocking Revelation: Mike Conaway (TX-11) Embroiled in Insider Trading Controversy

Wed, Aug 8, 2018 - 01:45 PM

My opponent, Rep. Mike Conaway (R-TX11) of Midland, is under scrutiny this morning after the arrest of Rep. Chris Collins (R-NY) on charges of insider trading.

In January and February 2017, Conaway and five other U.S. Congressmen—including then Rep. Tom Price (R-GA) who would go on to become Secretary of Health and Human Services under Trump—purchased shares in Innate Immunotherapeutics, an Australian pharmaceutical company. Collins is the largest shareholder in the company and serves on the company’s board. Prior to these January purchases, no other member of Congress had invested in the company, and then at the beginning of this year there was a sudden flurry of purchases when the stock plateaued at around $.70 a share.

Then, in early June 2017, several of the Congressmen—including Collins and Culberson (R-TX)—suddenly  sold off their stock just before Innate Immunotherapeutics announced that its highly anticipated multiple sclerosis drug had failed in trials. The company’s stock subsequently plummeted.

As of yet, it is unknown whether or not Congressman Conaway sold off his stock (purchased at a value between $2,000 and $30,000) in early June, but if he did, we must ask whether the sale was prompted by non-public information about the impending announcement of the failed trials. If it was, Conaway could be guilty of insider trading.

If Conaway sold his shares, according to the STOCK Act, the sale should have been reported to the Office of Government Ethics. If it was sold and was not reported, that could cause Conaway additional trouble.

What’s clear at this point is that Conaway has a lot of explaining to do.

My name is Jennie Lou Leeder, and I’m running against Mike Conaway in Texas’s Eleventh Congressional district. I believe that when you send a Representative to Washington, you expect that person to represent the interests of the people, not their own wallets.

If you’re tired of corrupt business as usual, support my campaign at Act Blue.


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 Jennie Lou Leeder is a seventh generation Texan, an educator, and a former Democratic County Chair. Leeder is running against Mike Conaway in Texas’s Eleventh Congressional District. To support Jennie Lou’s campaign, please contribute via Act Blue. If you're interested in volunteering for Jennie Lou’s campaign, please sign up here and a member of our staff will be in contact with you. Don’t forget to check out our web store here.

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