As Markets Crashed, DeVos Sold Shares in Secretive Cayman Island Fund - 2020-07-03
On March 12, Secretary of Education Bety DeVos sold shares worth as much as $5 million in BDT Capital Partners Oak Co-Invest, a secretive fund for wealthy investors that operates out of the Cayman Islands.
The sale was disclosed in a form put online by the Office of Government Ethics on April 6, 2020, but government watchdogs had no way of determining what assets comprised DeVos' sale as the coronavirus pandemic deepened and financial markets cratered. The periodic transaction report does not list details of the specific securities sold through the investment fund, which is used by wealthy elites such as the billionaire DeVos family. The value of the shares was reported as being worth between $1 million and $5 million.
Questions about financial transactions made by officials with access to non-public information became heightened in May when scandals engulfed the U.S. Senate concerning stock transactions made by Sen. Richard Burr (R-N.C.) and Sen. Kelly Loeffler (R-Ga.) weeks after all senators were briefed privately on the extent of the coronavirus crisis. Sen. Burr was served a warrant by the FBI in an investigation into the timing of his stock sell-off on February 13 and stepped down as chair of the influential Senate Intelligence Committee.