Coronavirus: US senator's phone seized over insider trading investigation

Senator Richard Burr sold a large amount of his stock portfolio in mid-February, just before a sharp decline in the stock market

Sen Richard Burr listens to testimony before the senate committee for health, education, labour, and pensions hearing on Tuesday. AP

A mobile phone belonging to a prominent US politician was seized by the Federal Bureau of Investigation on Wednesday over an investigation as to whether he used inside information on the coronavirus pandemic to inform stock trades.

A search warrant was served for Republican North Carolina senator Richard Burr, the LA Times reported, and he turned over his phone to police when they visited his home in Washington.

Senator Burr sold a large amount of his stock portfolio in mid-February, amounting to between US$628,000 (Dh2.3 million) and $1.72 million, just before the sharp decline in the stock market, but after a committee he was part of had begun weekly coronavirus briefings.

Many of the sold stocks were in companies that subsequently suffered heavily from the market plunge.

ProRepublica reported that Mr Burr's brother also sold hundreds of thousands of dollars worth of stock before what became a 30 per cent fall.

Senator Burr has served in his role since 2005 and is next up for reelection in 2022.