Outgoing Rep. Madison Cawthorn (RN.C.) was fined about $15,000 by the House Ethics Committee on Tuesday after finding evidence the 27-year-old lawmaker broke House Rules by he promoted a cryptocurrency that could have benefited him financially.
The committee’s seven-month investigation found that in December 2021, Cawthorn bought a $150,000 “Let’s Go Brandon” coin, a cryptocurrency named after the “F-Joe Biden” chant that mocked President Biden , and that he sold everything by January 2022.
The investigation also revealed that Cawthorn promoted the coin in photos and videos and encouraged others to invest in it when its value plummeted.
The 81-page report, released Tuesday by the panel, “discovered substantial evidence that Rep. Cawthorn mined a cryptocurrency in which he had a financial interest to violate conflict of interest rules.”
However, house investigators couldn’t agree on whether Cawthorn pumped up the cryptocurrency known as “LGB coin” for personal profit.
Investigators also found no “sufficient evidence” of insider trading and were unable to determine if Cawthorn had access to non-public information about LGB Coin’s failed bid to sponsor a NASCAR racer at the time of his investment.
The report notes that Cawthorn “reasonably relied on the advice of his accountant, who erroneously advised him that cryptocurrency transactions did not need to be disclosed” to Congress.
The Ethics Inquiry also investigated whether Cawthorn had an improper relationship with any of his associates, but concluded that no such relationship existed while Cawthorn was in office.
The committee has directed Cawthorn to donate $14,237.49 to a charity by the end of the year and pay fees related to his late filings related to the transactions.
According to Politico, Cawthorn will split a $15,000 donation between the Firearms Policy Coalition and Georgia’s Shepherd Brain and Spinal Cord Center.
Cawthorn lost a spring primary to Republican opponent Chuck Edwards, who defeated Democrat Jasmine Beach-Ferrara in the November 8 midterm election.
https://nypost.com/2022/12/07/rep-madison-cawthorn-fined-nearly-15k-for-lets-go-brandon-crypto-coin-scheme/ Rep. Madison Cawthorn has fined nearly $15,000 for the Let’s Go Brandon crypto-coin scheme