- Allen was found to have violated the STOCK Act at least three times since taking office. In 2021 he failed to disclose stock trades up to $200,000, and then in June 2023 failed to disclose a trade his wife made worth up to $250,000. In August 2023, it was exposed that Allen had failed to report trades dating back to 2017 and worth up to $8.56 million
¶ Allen Was Accused Of Violating The STOCK Act Multiple Times And Failing To Disclose Stock Trades Worth Up To $8.5 Million
September 2021: Allen Was Found To Have Violated The STOCK Act By Failing To Disclose Stock Trades Within The 45-Day Federal Deadline. According to Salon, “After a year full of headlines about Congressional scrutiny over members’ stock trading practices, it appears four more GOP representatives may have run afoul of laws meant to prevent insider trading on Capitol Hill — in addition to a fifth Republican who has already seen scrutiny for the same trading activity earlier this year. According to an analysis of financial disclosure documents compiled by Insider, the four members of Congress — Reps. John Rutherford of Florida, Rick Allen of Georgia, Mike Kelly of Pennsylvania and Victoria Spartz or Indiana — all failed to file paperwork for stock trades within the 45-day federal deadline required under the Stop Trading on Congressional Knowledge (STOCK) Act of 2012.” [Salon, 9/29/21]
- The Transactions Allen Failed To Disclose Were Worth Up To $200,000. According to Salon, “The transactions Allen failed to report were by far the largest, worth as much as $200,000 in all. During its analysis Insider identified at least seven stock holdings the four-term Georgia representative listed in 2019 but disappeared on his 2020 disclosures — despite the fact that any sales would have to be disclosed. Up to $65,000 in Walmart and Home Depot stock were also listed on Allen’s 2020 disclosures, but there was no record of the corresponding purchases at any point in his Congressionals tenure.” [Salon, 9/29/21]
HEADLINE: "'So Extensive': GOP Congressman Violated Federal Law With Up To $8.5M In Late Financial Disclosures" [Raw Story, 6/8/23]
June 2023: Allen Failed To Disclose A Stock Trade Made By His Wife Worth Up To $250,000. According to Raw Story, “Another Southern lawmaker appears to be in violation of the STOCK Act by being a few days late in disclosing a spouse’s stock sale, as well. Federal financial disclosure records indicate that Rep. Rick Allen (R-GA) was late in disclosing his spouse’s March 27 sale — valued between $100,001 to $250,000 — of stock in SouthState Corporation, a financial services company. Allen’s congressional office did not respond to multiple requests for comment.” [Raw Story, 6/8/23]
August 2023: Allen Failed To Report Stock Trades Dating Back To 2017 And Totaling Between $3.05 And $8.56 Million. According to Raw Story, “One month after President Donald Trump took office in 2017, Republican Rep. Rick Allen (R-GA) purchased up to $15,000 in stock in an agrochemical corporation — Monsanto — that no longer exists as an independent company. But it wasn’t until six-and-a-half years later — on Aug. 10 — that Allen properly reported the transaction as a federal conflicts-of-interest law requires. And the Monsanto trade was just one of 136 stock and other financial transactions — totaling between $3.05 million and $8.56 million — that Allen failed to properly report, according to an exclusive Raw Story analysis of federal financial disclosures.” [Raw Story, 8/16/23]
- Many Of The Stock Trades Allen Reported In August 2023 Were At Least Three Years Past the STOCK Act’s Reporting Deadline. According to Raw Story, “Passed by Congress in 2012, the STOCK Act is designed to stop insider trading, curb conflicts-of-interest and enhance transparency. But many of the financial trades Allen reported earlier this month were at least three years past the STOCK Act’s reporting deadline. In response to a series of questions from Raw Story, Allen’s congressional office acknowledged in an emailed statement that the congressman experienced ‘reporting issues’ and blamed them on a financial adviser who no longer works for the Georgia lawmaker.” [Raw Story, 8/16/23]
- Allen’s Spokesperson Claimed He Did Not Handle His Stocks And Blamed A Compliance Firm Allen Employed For The Late Stock Reports. According to Raw Story, “‘Congressman Allen’s investment decisions are handled by a financial adviser, who uses investment managers to implement trades at their own discretion, without consulting with or getting input from the Congressman,’ said Carlton Norwood Jr., a spokesperson for Allen. ‘In May of this year, Congressman Allen became aware of some reporting issues and omissions that were caused by a compliance firm he had engaged. At that point, he hired counsel and a new compliance firm to start working with the House Ethics Committee to ensure all trades have been properly reported.’” [Raw Story, 8/16/23]
- Neither Allen’s Spokesperson Nor The House Committee On Ethics, Which Enforces STOCK Act Violation Fines, Commented On Whether Allen Had Been Fined For His Violations. According to Raw Story, “The standard fine for violating the STOCK Act is $200. But the House Committee on Ethics and Senate Select Committee on Ethics have historically waived the fees for many violators. ‘It's a black hole when it goes to the Ethics Committee, and we don't know if they will assess penalties, or they just don't do anything about it.’ Payne said. Tom Rust, staff director and chief counsel for the House Committee on Ethics, which is tasked with investigating alleged STOCK Act violations, said ‘no comment’ when reached by Raw Story. Asked by Raw Story whether Allen has paid a fine, Norwood did not respond.” [Raw Story, 8/16/23]