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.
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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.
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