Online Gambling Foe Spencer Bachus Subject of Insider-Trading Probe

One of the online gambling industry’s most outspoken opponents, Republican Spencer Bachus of Alabama, is being investigated as part of an insider-trading probe. 

From Market Watch: 

House Financial Services Committee chief Rep. Spencer Bachus is the subject of an insider-trading probe by a congressional watchdog group, the Washington Post reported late Thursday. The Alabama Republican was among those highlighted in a CBS News report on "60 Minutes" about members of Congress allegedly profiting from insider information, a practice that is set to become illegal under a bill recently passed by both houses. The probe into Bachus's trading was opened last year and focuses on "numerous suspicious trades on Bachus's annual financial disclosure forms," the report said, citing unnamed sources. It quoted a Bachus statement as saying: "The Office of Congressional Ethics has requested information and I welcome this opportunity to present the facts and set the record straight."

Baccus has fought vigorously to prevent online gamlbing from being legalized in the United States in recent years. 

- Gambling911.com Staff