Kansas Sen. Roger Marshall more than a year late reporting stock trades by his children

Susan Walsh Associated Press file photo

Sen. Roger Marshall, a Kansas Republican

Kansas U.S. Senator Roger Marshall disclosed several stock trades by one of his children more than a year after they were due, violating a law designed to prevent insider trading in Congress.

Under the STOCK Act, passed in 2012, members of Congress have 45 days to report transactions by themselves, their spouses or dependents that exceed $1,000. Marshall was more than a year late in disclosing several trades made by his children that were worth anywhere between a total of $8,000 and $120,000.

“These trades were made unbeknownst to Senator Marshall,” said Michawn Rich, a spokeswoman for Marshall. “The moment Senator Marshall was made aware, the proper reporting was handled.”

The penalty for violating the STOCK Act for the first time can be $200. But any fines are subject to the discretion of the Senate Ethics Committee and they usually don’t levy penalties, according to Dylan Hedtler-Gaudette, a government affairs manager for the Project on Government Oversight.

Hedtler-Gaudette said it’s important to track the trades of a spouse or child of a member of Congress, because they could be used to purchase stock when a member of Congress may not want their name attached.

“It’s important to be aware of who’s doing what in Congress because they have access to privileged information,” Hedtler-Gaudette said.

Marshall has four adult children, the youngest in his early 20s. Two of the transactions date back to 2018, when two of Marshall’s children purchased shares of the iSelect Fund in St. Louis for between $1,000 and $15,000.

The rest of the trades were made by one child in 2020, each ranging between $1,000 and $15,000 in value, including the purchase of stock in the Walt Disney Company and Chevron.

Marshall’s child sold the Disney stock four months later along with stock in the streaming device Roku and Gilead Sciences, which makes the COVID-19 drug Remdesivir that former President Donald Trump took when he caught the virus. All of the sales were between $1,000 and $15,000.

Marshall disclosed the 2020 trades in his annual report to the Senate on August 13. The trades were reported to the House of Representatives, where he served when the transactions took place, on September 28.

Marshall is one of several members of Congress who have failed to disclose stock trades within the window they’re required to report. Earlier this year, Sen. Rand Paul, Republican of Kentucky, was criticized for reporting 16 months late that his wife bought stock in Gilead.

Last year, a number of Senators including Dianne Feinstein, a Democrat of California, and Richard Burr, a Republican of North Carolina were investigated over suspicions of insider trading after a January briefing about the pandemic. No charges were brought against the senators.

Marshall’s late financial disclosure was first reported by Insider.