Rep. Malinowski continues trading spree amid ethics investigation

Malinowski bought up to $50,000 in Peloton shares after reports about their treadmills

Rep. Tom Malinowski, D-N.J., continues to make massive stock trades even as he faces down a congressional ethics investigation after failing to disclose hundreds of thousands of dollars in trades.

Over the course of April, the New Jersey Democrat bought and sold hundreds of thousands of dollars of stock in a cornucopia of companies, including food delivery app DoorDash and home workout equipment company Peloton, according to financial disclosures.

Malinowski is currently facing an ethics investigation over revelations that he failed to disclose at least $671,000 worth of stock trades between 2019 and 2020.


The financial documents, which Business Insider first flagged Monday, show that the congressman sold up to $30,000 in DoorDash shares, up to $15,000 in shares of Quidel Corporation, and up to $261,000 in storage rental company General Finance Corporation stock.

Additionally, Malinowski also bought up to $100,000 of Teradata Corporation stock and up to $50,000 in Peloton shares.

Malinowski purchased the Peloton shares four days after the U.S. Consumer Public Safety Commission (CPSC) warned against using the exercise equipment company’s Tread+ treadmills following reports of pets and children dying after being caught under the machines.

Additionally, the congressman's Peloton purchase came the same day the company was smacked with a class-action lawsuit alleging the firm had stood by their treadmills as being safe while rejecting federal safety warnings.

Malinowski's office did not respond to FOX Business' request for comment.

The congressman's spokesperson, Amanda Osborne, told Business Insider on Monday that Malinowski still intends on putting his assets into a blind trust.

"All the paperwork for the blind trust has been submitted to the [House] Ethics Committee and we are waiting on their approval," Osborne said. "As for the Office of Congressional Ethics' inquiry into Malinowski's stock trades, the review is ongoing [and] Rep. Malinowski is fully cooperating."

Osborne also pointed to a letter from financial management company Gagnon Securities LLC stating that the trades were made "without Congressman Malinowski's input or prior knowledge" and that the trades are "based on publicly available information as well as proprietary analysis that forms our investment strategy for all our clients."

Members of Congress are not required to disclose the exact amounts from stock asset trades, reporting ranges instead.


Malinowski made a flurry of trades in March 2020 at the beginning of the coronavirus pandemic, investing in General Mills, the J.M. Smucker Company and, later, Peloton, according to Business Insider, which first reported Malinowski's failure to disclose the trades.

The trades sparked an ongoing ethics investigation into the congressman, who could have made as much as $2.76 million from them.

Fox News' Evie Fordham contributed to this report.