Utah GOP Senate Candidates Clash Over Insider Trading Allegations

In a heated debate for a coveted U.S. Senate seat in Utah, a Republican candidate accused a fellow contender of engaging in insider trading during the early days of the COVID-19 pandemic. The allegation, made by Riverton Mayor Trent Staggs against U.S. Representative John Curtis, has sparked significant controversy and raised questions about the ethics of stock trading by members of Congress.

During the debate, Staggs claimed that on March 4, 2020, the same day Abbott Laboratories received a federal grant to develop a rapid COVID-19 test, Curtis purchased stock in the company. Staggs asserted, “At a time when somebody should be looking out for their constituents, they end up looking out for their own profit.” This accusation prompted a fiery response from Curtis, who challenged Staggs to provide evidence for what he described as a serious felony accusation. Curtis insisted that his stock transactions were legal and that he had not received any nonpublic information regarding the pandemic.

Curtis's stock purchases included shares in several companies that benefited from the pandemic, such as Zoom and Amazon. He explained that these trades were largely managed by a financial advisor and that he was not directly involved in the decision-making process. A social media account tracking congressional stock transactions later clarified that Curtis had actually purchased Abbott stock on March 7, 2020, three days after the grant was awarded, contradicting Staggs's timeline.

The controversy surrounding Curtis's trading activities has drawn the attention of watchdog groups. Accountable.us, a government accountability organization, filed a complaint with the Office of Congressional Ethics, suggesting that Curtis's trades could indicate the use of nonpublic information. However, no significant action has been reported following this complaint.

The debate, which took place on June 10, 2024, was part of a larger primary election process to fill the seat of retiring Senator Mitt Romney, a figure known for his moderate stance within the Republican Party. The candidates vying for the nomination are navigating a political landscape increasingly influenced by former President Donald Trump, whose endorsement has proven pivotal in the race. Staggs, who has positioned himself as a staunch Trump supporter, won the Utah Republican Party’s convention nomination with nearly 70% of the vote, while Curtis garnered about 30%.

Throughout the debate, candidates expressed their views on various issues, including election integrity and federal spending. When asked whether they would accept the results of the upcoming elections, responses varied. Curtis emphasized the importance of respecting state election outcomes, while Staggs echoed unfounded claims of widespread voter fraud from the previous election cycle.

Curtis, who is considered a front-runner in the race, faced criticism for the financial backing of his campaign from political action committees and special interests. He defended his position, stating, “I can’t control who donates to my campaign,” and highlighted the complexities of financial regulations for members of Congress. He acknowledged the need for reform in how lawmakers manage their investments but noted the challenges in defining clear boundaries.

The debate concluded with a tense exchange, as Curtis expressed his frustration over Staggs's last-minute accusation, labeling it a “cheap shot.” After the debate, Staggs attempted to clarify his comments, stating, “I did not accuse him of a felony,” but maintained that the situation raised broader concerns about congressional stock trading practices.

As the primary election approaches, the implications of this debate extend beyond individual candidates. It reflects a growing scrutiny of the ethical standards governing lawmakers and their financial dealings, a topic that has gained traction in recent years amid calls for greater transparency and accountability in government. The outcome of the election will not only determine who fills Romney's seat but may also signal the direction of the Republican Party in Utah and beyond, as it grapples with the legacies of both traditional conservatism and the populist wave initiated by Trump.