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Dems call on SEC, CFTC to investigate top Trump advisor

Joe Mont | May 10, 2017

A coalition of Democratic senators is asking the Commodities Futures Trading Commission, Securities and Exchange Commission, and Environmental Protection Agency to investigate Carl Icahn—a top adviser to President Trump and majority owner of a petroleum refining company—for potential insider trading and market manipulation related to the market for renewable fuel credits.

As the majority owner of CVR Energy, Icahn bet heavily in 2016 on a drop in the price of renewable fuel credits, which ultimately resulted in a $50 million windfall for the company, a May 9 letter to the heads of those agencies alleges. He then secured a position as a senior adviser to President Trump, from which he was able to influence decisions that drove down the price of the credits.

Beginning in late 2016, a series of events occurred which eventually reduced the price of renewable fuel credits by...

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