- Dylan Hedtler-Gaudette, the government affairs manager for one of the federal watchdogs, commented on the case: This appears to be a disaster. This appears to be a textbook case of you receiving insider knowledge and acting on it. That’s against the law.
- The memecoin Let’s Go Brandon is called after the slogan ridiculing President Joe Biden. The project was started by hedge fund manager James Koutoulas. LGB legends, Cawthorn wrote on Instagram on December 29, 2021. We’re going to the moon tomorrow! He also revealed that he has a little amount of the cryptocurrency.
- The announcement sparked a major uproar, and the LETSGO token jumped by 75 percent, reaching a market cap of $570 million. In January 2022, NASCAR abruptly rejected the project’s sponsorship agreement with Brown.
Madison Cawthorn, a Republican representative from North Carolina, has been accused of being involved in the Let’s Go Brandon crypto pump and dump operation (LETSGO). Several regulatory watchdogs have implicated Cawthorn in an alleged insider trading conspiracy involving the relatively short-lived crypto project, according to a recent story by the Washington Examiner.
Let’s Get Started On The Cryptocurrency Pumps As Well As Dumps Plan
The memecoin Let’s Go Brandon is called after the slogan ridiculing President Joe Biden. The project was started by hedge fund manager James Koutoulas. LGB legends, Cawthorn wrote on Instagram on December 29, 2021. We’re going to the moon tomorrow! He also revealed that he has a little amount of the cryptocurrency.
Interestingly, NASCAR driver Brandon Brown said on December 30 that the crypto project will be his principal sponsor for the 2022 season. The announcement sparked a major uproar, and the LETSGO token jumped by 75 percent, reaching a market cap of $570 million. In January 2022, NASCAR abruptly rejected the project’s sponsorship agreement with Brown. Unidentified insiders who had bought a large number of the coins in circulation soon sold them all.
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Madison Cawthorn Might Face Criminal Prosecution
The memecoin’s value plummeted to zero as a result, leaving investors scratching their heads in despair. Koutoulas and other Let’s Go Brandon insiders are accused of manipulating the token to stage a pump-and-dump scheme, according to a class-action lawsuit filed by an unhappy investor. While Cawthorn was not listed as a defendant in the complaint, he was recognised as one of the project’s backers who had helped inflate the project’s price immediately before it was pushed under the rug.
Cawthorn, according to the watchdogs quoted in the study, had advanced non-public information of LETSGO’s contract with Brown, which explains his post and sentiments. They proposed that the US Department of Justice and the Securities and Exchange Commission (SEC) examine Cawthorn to see if he broke any federal insider trading rules. Dylan Hedtler-Gaudette, the government affairs manager for one of the federal watchdogs, commented on the case: This appears to be a disaster. This appears to be a textbook case of you receiving insider knowledge and acting on it. That’s against the law.
Source: https://www.thecoinrepublic.com/2022/04/29/a-us-congressman-may-face-criminal-prosecution-for-supporting-a-cryptocurrency-pumps-as-well-as-dumps-plan/