Magaziner Continues Calls for Congressional Stock Trading Ban, Motivated by Fung’s History of Insider Dealing


WARWICK, RI- Today, General Treasurer and congressional candidate Seth Magaziner released the following statement, calling for a ban on members of Congress trading stocks to prevent the corrupt insider trading his opponent Allan Fung has personally benefited from in the past. 

“It’s wrong for any politician to use insider information to get rich– they should be using their position to serve the people who elected them to office,” said General Treasurer and congressional candidate Seth Magaziner. “It is unfortunate that Allan Fung has a history of doing just the opposite– lining his pockets by investing in a company he awarded no-bid taxpayer-funded city contracts to. Rhode Islanders deserve a leader with integrity, and I am determined to bring real reform to Washington.”

While Mayor of Cranston, Allan Fung admitted to holding significant personal investments in the stock of municipal contractor Waste Management, while he awarded the company multiple no-bid contract extensions worth $4.4 million-a-year contract with the City of Cranston. [Providence Journal, 5/8/18]