Eight Democrat senators call for regulators to investigate potential insider trading by Carl Icahn in the market for renewable fuel credits, saying Icahn may have violated securities trading laws since becoming an adviser to Pres. Trump.
In a letter to the heads of the CFTC, SEC and EPA, the senators said they had no way of knowing if Icahn made certain trades based on non-public information, "but the publicly available evidence is troubling."
Icahn has proposed changes to the U.S. biofuels program that would ease the regulatory burden on oil refining companies, including CVR Energy (CVI) and CVR Partners (CVRR +0.5%), in which he holds large stakes.
RIN prices dropped sharply after Icahn’s proposal on the biofuels regulation was reported in February, the senators said in their letter.
Subscribe for full text news in your inbox