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Brian Higgins’ Stock Trades Under Scrutiny After Misleading Viral Post

Trade & Markets

Recent social media buzz has brought attention to allegations of insider trading involving Rep. Brian Higgins (D, NY-26), largely due to a viral post on platform X (formerly Twitter). The post suggests that Higgins achieved extraordinary returns on his stock investments, supposedly outperforming an S&P 500 exchange-traded fund (ETF) by 214% in 2023. However, this analysis lacks crucial context and may not fully reflect the reality of Brian Higgins’ stock trades.

Understanding the Stock Trade Controversy

While eye-catching, the post does not provide a complete picture of Higgins’ stock investments. According to financial disclosures reviewed by the 7 News I-Team, Higgins’ portfolio is surprisingly modest. He holds shares in just two companies, with his notable gains primarily linked to Nvidia, a major technology firm.

Instagram | neonmannews | Higgins’ Nvidia shares are currently valued at less than $100,000.

 A Closer Look at Brian Higgins’ stock trades

Higgins’ investment in Nvidia, a company he began buying into in 2017, has generated significant attention. Nvidia is a prominent player in the tech sector, ranking just behind Apple and Microsoft in market capitalization. The significant gains Higgins has experienced are attributed to Nvidia’s impressive performance over recent years.

  • Nvidia Stock Performance – When Higgins made his latest purchase in 2020, Nvidia stock had already risen by 113% from the previous year. Despite this, the current value of Higgins’ Nvidia shares remains under $100,000.
  • Minimal Holdings – Higgins’ total stock portfolio is relatively small, contrasting sharply with the claims made in the viral post.

Addressing the Allegations

A spokesperson for Higgins has addressed the viral claims, emphasizing that the data presented is misleading. According to the spokesperson, “These figures don’t accurately reflect the reality of Congressman Higgins’ investments. His portfolio is modest, with most gains coming from long-held positions. In 2023, a single investment that has been stable for years performed exceptionally well, which is a common occurrence and not indicative of insider trading.”

The spokesperson also highlighted that Higgins adheres to all ethics and financial reporting requirements and remains among the lower-income earners in Congress.

The STOCK Act and Compliance

Rep. Brian Higgins has a history of supporting transparency and ethics in financial dealings. He co-sponsored the STOCK Act, which aims to prevent insider trading among members of Congress. This legislation mandates that lawmakers must disclose their financial transactions, including stock trades, within 45 days.

Freepik | In 2021, Higgins was criticized for reporting his stock trades 11 months late.

However, in 2021, Higgins faced criticism for a delayed report on his stock trades, which were disclosed 11 months after the transactions occurred. Higgins acknowledged the oversight, stating, “This mistake is unfortunate, and I regret the delay. I am fully accountable for any penalties and want to emphasize that there was no intent to conceal these transactions.”

Upcoming Changes for Higgins

As of November 2023, Brian Higgins has been appointed president and CEO of Shea’s Performing Arts Center, with plans to resign from Congress in February 2024. This transition marks a significant shift in his career and may further impact public and media scrutiny.

While the viral post on Brian Higgins’ stock trades has generated substantial buzz, the reality is less sensational than the numbers might suggest. A thorough look at his investment history and adherence to legal and ethical standards reveals a more nuanced picture. As with any financial performance claims, understanding the broader context and specifics of the investments is crucial.

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