Retired NFL player Jack Brewer, a fervent Donald Trump supporter who is scheduled to speak at the Republican National Convention on Wednesday, was charged with insider trading by the U.S. Securities and Exchange Commission (SEC), NPR reports.
According to the report “The SEC alleges he sold 100,000 shares in a penny stock, because he had inside information that the company’s share price was likely to drop. The charges, filed August 6. The SEC is seeking financial penalties, a return of “all ill-gotten gains he received directly or indirectly,” and a permanent ban on Brewer “from participating in any offering of a penny stock.”
Reached briefly by phone on Tuesday, Brewer said, “I’m taking off for my flight,” and hung up after NPR asked about the case. He did not respond to additional phone and email messages seeking comment.
Brewer, a member of ‘Black voices for Trump’ has become a prominent supporter of the president’s reelection, making frequent appearances on Fox News, and tweeting that “Trump has done more for blacks than any [President] since Lincoln.” At a White House event in February, Brewer called Trump, “the first Black President.”
According to NPR, “The SEC’s lawsuit, involves a company called COPsync, which developed an app for law enforcement to access databases and share information across multiple agencies in real time.
The news outlet reports that “the company was planning a private stock sale, which, once disclosed by press release, would likely lower the share price.”
The SEC alleges that Brewer had inside information and sold 100,000 shares before the company issued that press release. The stock price did drop and Brewer “profited by approximately $35,000 more than he otherwise would have,” according to the SEC.
COPsync declared bankruptcy in October 2017, and the next year the SEC revoked the registration of the company’s stock altogether.
The Trump campaign did not respond to multiple requests for comment.
