Congressman’s Wife Just Made A HUGE Stock Purchase Ahead of The Trump/Biden Debate

In the lead-up to the highly anticipated debate tonight, another significant story is unfolding in the world of politics that’s getting way less coverage. Representative Mike Kelly and his wife, Victoria Kelly, have once again come under scrutiny for their suspicious stock trades.

 (Source: The Week)

Back in 2020, Mike and Victoria Kelly pulled off a stock move that had everyone talking. Using some insider info, they bought shares of Cleveland-Cliffs (NYSE: CLF) just before the stock skyrocketed by 300%.

As the story goes, Mike got wind of some confidential details about a plant in his district, and Victoria quickly bought $50,000 worth of stock at $4.70 a share. A few months later, they had turned that into $192,000. Ethics watchdogs took notice, but the Kellys didn’t face much consequence.

Fast forward to June 2024, and Victoria Kelly is making headlines again.

This time, she dropped another $100,000 on CLF shares, but missed the filing deadline. Better to ask for forgiveness than permission I guess, especially if you’re a politician. Coincidentally, just three days after her latest stock spree, the Department of Energy announced a $575 million funding injection into projects that could benefit Cleveland-Cliffs.

While the stock saw a minor uptick, it's still down 34% since her initial buy-in. It seems Victoria’s Midas touch might need a tune-up—perhaps a group call with Nancy Pelosi and her husband wouldn’t hurt.

(Source: Salon)

This isn’t Victoria’s first rodeo with Cleveland-Cliffs. Back in 2020, while Mike was lobbying the Trump administration to keep some steel tariffs, Victoria bought between $15,001 and $50,000 of CLF stock. By the time she sold in January 2021, the stock had shot up to $18.11 a share, netting her a 400% return. If that doesn’t make you think “insider trading,” I don’t know what will.

Adding another layer to the story is the recent move by Cleveland-Cliffs director Michael Ralph S III. On June 13, 2024, Ralph purchased 20,000 CLF shares at $14.74 each, totaling around $294,800. This acquisition boosts his total holdings to 199,519 shares.

Ralph’s purchase aligns with a broader trend of insider buying at Cleveland-Cliffs, suggesting confidence among insiders in the company’s future prospects despite recent market fluctuations. It appears the Kelly’s have made some friends at the office.

So, what’s the deal with these ethics investigations? Back then, the Office of Congressional Ethics found “substantial reason to believe” the Kellys were bending the rules. They recommended subpoenas, but the Kellys and their crew weren’t exactly cooperative. Fast forward to today, and it looks like history is repeating itself. Victoria’s latest purchase seems just as suspicious as the one in 2020, suggesting that the Kellys might be treating the rules more like guidelines.

Does this scandal have anything to do with tonight’s big debate? Probably not directly related. Are there any other players involved? I guess we’ll have to wait and see. But one thing's for sure—keep a close watch on Cleveland-Cliffs stock over the next few days. These politicians aren’t as naive as they want us to think. I wouldn’t be surprised if we see another “random” explosive move.

Stock.News does not have positions in companies mentioned.