politics

Jim Inhofe Accused Of Potential Insider Trading Scandal, Everything You Need To Know

jim inhofe
Image: thelostogle

The Republican Oklahoma Senator Jim Inhofe was elected to office in 1994. On March 20th, the media has accused him and other politicians of potential insider trading. Jim Inhofe has served the office for about 26 years as a republican. As a result, he has faced his own share of criticisms for supporting and rejecting various bills.

Jim Inhofe was elected as the successor of David Boren and reelected in 2002, 2008 and again in 2014. People widely recognize the Senator for his work to reform the house discharge petition.

Jim inhofe
Photo: tulsaworld.com
Jim Inhofe

Currently, the senator is accused of insider trading After selling hundreds and thousands of stock from companies like Apple and Paypal. Surprisingly, along with senators Dianne Feinstein, Richard Burr, he sold stocks worth millions of dollars after a private meeting about COVID-19.

Jim Inhofe’s Childhood:

Sen James Mountain Inhofe was born on November 19th, 1934 in Des Moines, Iowa. His parents Blanche (née Mountain) and Perry Dyson Inhofe moved to Oklahoma with him when he was just a child. The senator has also served in the army for about a year after completing his high school.

Sen Inhofe’s Education:

Sen Jim Inhofe completed his high school from Tulsa Central High School in 1953 and joined the military. After coming back he started becoming active in Oklahoma politics. As a result, he was a member of the Oklahoma House of Representatives from 1967-1969. However, he continued his college education and completed his B.A in economics degree from the University of Tulsa.

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Sen. Jim Inhofe (AP Photo/Sue Ogrocki)

Even his education faced a lot of speculations when people found out that he had graduated in 1973, not 1959. This was mostly because before getting the official term in 1994, the news articles claimed he had graduated in 1959. However, later he decided to explain that he was a few credits short so he only completed the degree in 1974.

The Oklahoma Senates Personal life:

On the year 1959, Inhofe got married to his wife Kay Kirkpatrick. He had four children with his wife. However, Jim Inhofe lost his son Perry Inhofe in a plane crash in Ossawo, Oklahoma when he was flying it alone for the first time. He died while trying to land at Tulsa International Airport after returning from his special training.

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Apart from politics, the senator also seems to have an interest in securities trading and the stock market. Sources claim that he had millions of dollars invested in shares. He must really have a knack for trading with so much on investment.

Jim Inhofe’s Professional Career:

Before fully committing to politics, the senator worked as a businessman for 3 decades. His career ranged from working in aviation to real estate development. He also was the president on Quaker Life Insurance Company before it was liquidated in 1986.

jim inhofe
Photo: zimbio.com
Jim Inhofe with President Trump

During this period of time, he worked as a minority leader in Oklahoma Republican Politics. Later he became active and as a result bagged the position of the senate. Inhofe became proactive in politics from the year 1974 after he ran for the governor. However, at the time he lost the seat to a democratic candidate in the general election.

In 1978 after constantly running, he became the mayor of Tulsa and was reelected in 1982. Later he entered the race for the US house of representatives in 1986 and won.

Jim Inhofe on COVID-19 and insider trading scandal:

Now there are accusations against the senate for a potential insider trading act. After the federal reporting on Friday, he sold thousands of his shares from the stock market. The Senate ethics committee filings have claimed that he has sold stock work anywhere between $230,000 and $500,000.

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Sources claim that he had a private meeting at the white house about COVID-19 with other senates who have received similar allegations. The shares of those companies have flunked down since the recent outbreak of the corona Virus in the USA.

jim inhofe
Photo: yahoo finance 
Sen Jim Inhofe

As per the Stock Act in the USA, the senates need to be prevented from using insider information for their private profit.

Although the senate said to the reporters on Friday that the claims were “baseless and 100% false” various calls for investigation have been made. “Shortly after becoming chairman of the Senate Armed Services Committee, I instructed my financial advisor to move me out of all stocks and into mutual funds to avoid any appearance of controversy. My advisor has been doing so faithfully since that time and I am not aware of or consulted about any transactions,”

-Jim Inhofe

However, the concerns have risen sine other senators have made similar transactions after the meeting.

How much is Jim Inhofe’s Net worth:

Sources claim that the senator Jim Inhofe had an estimated net worth of $8,254,022 in 2015 which has probably risen till now. He has invested in the real estate sector, the health sector, and several other sectors. Interestingly, Jim Inhofe also has millions of dollars at IM3RD LLC and GMKI LLC which are real estate companies.

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Apart from his regular job as a politician he has another investment diversion from where he earns his huge financial portfolio. Yahoo finance has also claimed Jim Inhofe to be the richest politician at his state, Oklahoma.

Jim Inhofe’s Net Worth over the years:

Year Net worth in Millions of Dollars
2006 $3.63
2007 $3.36
2008 $6.38
2009 $6.33
2010 $11.29
2011 $7.14
2012 $5.64
2013 $6.86
2014 $6.3
2015 $8.25

Jim Inhofe’s investment portfolio and income sources:

Sectors Amount Invested
Real Estate $4,675,001
Pharmaceuticals/Health Products $407,500
GMKI LLC $3,750,001
IM3RD LLC $750,000
The Padre Company, LLC NA
The central bank of Oklahoma NA
Congressional Federal Credit ( Jim Inhofe’s salary) $174,000 per annum,2020
Ford motor NA
Citigroup NA
Visteon Corporation NA
Still-water National Bank NA
Arvest Bank and Trust-Tulsa NA

Jim Inhofe as the senate of Oklahoma:

After David Boren decided to resign from the position of a senator to become the president of the University of Oklahoma, Inhofe stepped in. As a result, Inhofe became his successor and since then he has been in office. The reelections have always done him a favor and each time he has won the race.

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