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Sen. Loeffler’s Husband, NYSE Boss, Dumped His Own Stock Before Coronavirus Crisis: Report

The Intercontinental Exchange has defended Sen. Kelly Loeffler and Jeffrey Sprecher’s transactions, saying they were “in compliance.”

Jeffrey Sprecher, the husband of Sen. Kelly Loeffler (R-GA) and the chairman of the New York Stock Exchange, sold $3.5 million in shares in late February just before the full impact of the new coronavirus became known, according to CBS News. Citing a filing with the Securities and Exchange Commission, CBS reports that Sprecher sold $3.5 million worth of shares in the Intercontinental Exchange, the parent company of the New York Stock Exchange where he serves as CEO, on Feb. 26. The value of the shares that Sprecher reportedly sold for $93.42 each has declined since then. Loeffler and Sprecher, who made a spate of stock transactions through mid-February, sold another $15.3 million in ICE shares on March 11, at a price of about $87 each, according to CBS. 

The Daily Beast previously reported exclusively on Loeffler dumping billions of dollars in stock holdings just a few weeks after lawmakers were warned of the potential impact of COVID-19 and before the stock markets plunged. The shares reportedly sold by Sprecher were not previously reported, and were not included in Loeffler’s Senate financial disclosure. Loeffler has maintained that she had “no involvement” in the transactions, which she said were made by “third-party advisors.” The Intercontinental Exchange has also defended the transactions, saying in a statement Friday that they were “in compliance” since they were carried out by third-party advisers.