Jeffrey Sprecher, who is the husband of Republican U.S. Senator Kelly Loeffler of Georgia, on February 26 sold $3.5 million in shares of ICE, as the exchange is called, at an average price of $93.42 each, according to a filing with the Securities and Exchange Commission. Since then, ICE shares have plunged nearly 25% amid a broader downdraft in stocks.
Sprecher and Loeffler also sold $15.3 million worth of ICE shares on March 11, at an average price of around $87, SEC filings show…
“It’s appalling,” Virginia Canter, the chief ethics counsel for good government group CREW, said about Sprecher’s and Loeffler’s stock sales. “These are people in a privileged position, and it looks like they took advantage of it.”
“Anyone who serves in Congress or is the head of a major exchange should have no business speculating in the market,” she added. “They should have been in diversified funds” that are not concentrated in a single stock or industry.