Congressman Madison Cawthorn could face charges for violating insider trading laws after promoting a cryptocurrency pump and dump scheme.
Madison Cawthorn, a Republican congressman from North Carolina, has been accused of his involvement in a pump and dump crypto scheme dubbed Lets Go Brandon .by the Washington Examiner, several regulatory watchdogs have implicated Cawthorn in an alleged insider trading scheme involving the relatively short-lived crypto project.named after the chant mocking President Joe Biden. Hedge fund manager James Koutoulas pioneered the project.
This caused the memecoin to plummet to zero, and investors were left scratching their heads in losses. One disgruntled investor recently filed a class-action lawsuit accusing Koutoulas and other Let’s Go Brandon insiders of using the token to stage a pump-and-dump scheme. Speaking on the case, Dylan Hedtler-Gaudette, the government affairs manager for one of the federal watchdogs, said:
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