BUFFALO, N.Y. (WKBW) — A viral post on social media platform X, formerly known as Twitter, has led to claims of corruption and insider trading over stock portfolio gains made by Rep. Brian Higgins (D, NY-26).
The initial post, which does not include context on asset value, shows Higgins having the largest returns out of all members of congress in 2023 – beating an S&P 500 exchange-traded fund (ETF) by 214%.
Higgins’ 2023 financial disclosures, obtained by the 7 News I-Team, show the congressman only holds individual stock in two companies.
The unrealized gains by Higgins are mostly from purchases made in technology giant Nvidia in 2020. He first acquired the stock in 2017. Nvidia is the third most popular tech stock behind only Apple and Microsoft by market cap.
At the time of his last transaction, Nvidia stock was up 113% on the year prior to Higgins’ purchase. The most recent asset value of Higgins’ Nvidia stock is less than $100,000.
“These numbers provide a distorted view of the facts," said a spokesperson for Higgins in a statement to 7 News. "The truth is, Congressman Higgins has minimal investments and holdings. In 2023, one position, which he has held for years and is held by millions of other people, performed well. Rep. Higgins follows all ethics and financial reporting requirements. Relatively speaking, he has always ranked among the most modest income-earners in Congress.”
Higgins cosponsored the STOCK Act, designed to combat insider trading on Capitol Hill. The law prohibits members from using non-public information for profit. In addition, it requires them to publicly disclose financial transactions, including stocks, within 45 days.
Higgins faced scrutiny in 2021 when he failed to report stock transactions until 11 months after he made them.
“This error is both regrettable and embarrassing,” said Higgins following the discovery. “I take full responsibility and will pay any penalty assessed by the House. There was no intent to hide these transactions.”
Named president and CEO of Shea's Performing Arts Center in November, Higgins will resign from congress in February 2024.
