Skip to content

U.S. Chair of House Ethics Committee is buying gambling stocks

U.S. Chair of House Ethics Committee is buying gambling stocks

Last month, Finbold reported allegations against Michael Guest, chairman of the House Ethics Committee, for allegedly trading around $500,000 in stock and options in 2023, violating the STOCK Act twice.

As per Quiver Quantitative, Guest is one of only four House Ethics Committee members known to breach the STOCK Act. 

Today, on December 13, the X account disclosed another startling detail, revealing Guest’s recent purchases of online gambling stocks, adding a new layer of controversy to his stock trading activities.

Michael Guest bought stock in Swedish online slots company

Michael Guest has purchased shares in Evolution Gaming Group (OTCMKTS: EVVTY), a Sweden-based provider of online casino tech, according to Quiver Quantitative.

Currently valued at approximately 257 billion Swedish Krona ($24.6 billion), Evolution Gaming Group, also known as Evolution AB, has been on an upward trajectory recently, gaining almost 15% in the past month.

The company’s shareholders are some of the world’s most popular investment firms, such as Capital Group – the largest stakeholder in Evolution AB – BlackRock, Vanguard, and WCM Investment Management, among others.

Michael Guest’s recent investment in online gambling stocks marks yet another contentious move in the realm of stock trading by US Representatives and politicians. 

The controversy is amplified by the fact that Guest holds the position of chairman within the House Ethics Committee, a non-partisan entity responsible for investigating and enforcing ethical standards for members of the United States House of Representatives.

Guest’s other recent trades

While Guest’s trade in Evolution AB takes the spotlight, the Republican politician made several other noteworthy stock trades in the past month, some of which have done especially well.

The Representative purchased stock in Ulta Beauty (NASDAQ: ULTA) and Uber Technologies (NYSE: UBER), which rose 26% and 19% over the past month, respectively, Quiver Quantitative said.

“Warren Buffett should be taking notes.”

– the widely followed account wrote in its post. 

Also, Guest bought shares of Dynatrace (NYSE: DT) and Medpace Holdings (NASDAQ: MEDP), and both are up 6% and 3% in the last month, respectively.

Buy stocks now with Interactive Brokers – the most advanced investment platform


Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.