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Investigative Report·House Committee on Ethicsreferral

In the Matter of Allegations Relating to Representative Madison Cawthorn

Published December 6, 202282 pages
View source PDFOriginal source

Briefing

The House Committee on Ethics investigated Representative Madison Cawthorn for promoting a cryptocurrency called LGB Coin and for an alleged improper relationship with a staffer. The Committee found no evidence of an improper relationship but found substantial evidence that he promoted a cryptocurrency in which he had a financial interest, failed to timely disclose related transactions, and received an improper gift by purchasing the coin on favorable terms. The Committee directed repayment of $14,237.49 to charity, payment of $1,000 in late filing fees to the U.S. Treasury (plus an additional $200 in late fees tied to a specific transaction), and required submission of a periodictransaction

Allegations

  • [high]Representative Cawthorn improperly promoted a cryptocurrency (LGB Coin) in which he had a financial interest.
  • [medium]Representative Cawthorn failed to timely disclose purchase and sales transactions of LGB Coin on required periodic transaction reports.
  • [medium]Representative Cawthorn purchased LGB Coin on terms more favorable than those available to the general public, resulting in an improper gift.
  • [low]Representative Cawthorn may have engaged in an improper relationship with a staff member (allegation investigated).
  • [high]Allegations that Representative Cawthorn engaged in insider trading or a pump-and-dump scheme related to LGB Coin were investigated.

Findings

  • [no violation]The Investigative Subcommittee found no evidence that Representative Cawthorn engaged in an improper relationship with a member of his congressional staff.
  • [violation found]The ISC found substantial evidence that Representative Cawthorn promoted LGB Coin in which he had a financial interest, violating conflict of interest rules.
  • [insufficient evidence]The ISC found Representative Cawthorn failed to timely disclose his LGB Coin transactions but did not find that the failure was knowing or willful; he is required to pay applicable late filing fees.
  • [violation found]The ISC found Representative Cawthorn received an improper gift when he purchased LGB Coin on more favorable terms than the general public and recommended repayment of the gift value.
  • [insufficient evidence]The ISC did not find sufficient evidence to establish fraudulent insider trading or a scheme to artificially inflate LGB Coin's value.

This summary is generated by AI from the official document. Read the source PDF for the authoritative text.