8 US senators seek insider trading investigation of Icahn

Markets Associated Press

Eight U.S. senators have requested an investigation into whether a billionaire investor and adviser to President Donald Trump violated insider trading rules when he profited from bets he made in the renewable fuel credit market.

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In a letter to three separate government agencies, the senators note that then President-elect Trump hired Carl Icahn in December to advise him on regulatory reform, despite Icahn's position as the majority owner of CVR Energy, a petroleum company involved in the renewable fuel credit market.

The senators, all Democrats, site media reports saying that Icahn bet in 2016 that the price of renewable fuel credits would drop. They say Icahn then made recommendations to Trump that caused the price of those credits to drop, netting Icahn a $50 million profit.