Illinois Rep. Luis Gutierrez demanded on Thursday that the Securities and Exchange Commission investigate “possible illegal insider trading” involving investor Carl Icahn. The billionaire sold $30 million worth of stock in an industrial company a week before President Trump announced potential tariffs on imported steel.
In a letter to SEC chairman Jay Clayton that was exclusively obtained by Cheddar, Rep. Gutierrez states Icahn’s decision to sell [shares in the Manitowoc Co.](http://thehill.com/homenews/administration/377198-former-trump-adviser-icahn-denies-knowledge-of-tariffs-before-steel) so close to Trump’s announcement is “highly suspicious,” and the friendly relationship between Trump and Icahn “adds to the appearance of wrongdoing.”
“If this was a member of Congress that had done exactly the same thing...I’m sure there’d be an indictment,” the Democratic congressman told Cheddar in an exclusive interview Thursday.
Icahn formerly served as a special advisor to Trump. In late February, he sold $31.3 million of shares in Manitowoc at about $32 to $34 each. But because the company, which makes construction cranes, relies on steel for its products, its stock price plummeted almost 6 percent when President Trump announced last week that he would impose a 25 percent tariff on steel imports.
Shares of Manitowoc closed Wednesday at $28.16, about 11 percent lower than Icahn’s lowest selling price.
Trump formalized his decision on tariffs Thursday afternoon.
In a statement responding to the allegation, Icahn said he reduced his position in Manitowoc “for legitimate investment reasons having nothing to do with that announcement.”
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