WASHINGTON, DC - APRIL 28: Paul Pelosi and Nancy Pelosi attend the 2018 White House Correspondents' Dinner at Washington Hilton on April 28, 2018 in Washington, DC. (Photo by Tasos Katopodis/Getty Images)
Former House Speaker Nancy Pelosi’s husband, Paul Pelosi, sold over $500,000 in Visa stock less than three months before the Department of Justice sued the company for antitrust violations.
On July 3, Paul sold 2,000 shares of Visa worth between $500,000 and $1 million. At the time, there had been no public indication that the Justice Department would file the lawsuit against Visa.
Ethics watchdogs have suggested that Pelosi would be aware of these investigations behind the scenes.
“Speaker Pelosi does not own any stocks, and she has no prior knowledge or subsequent involvement in any transactions,” her spokesperson said in a statement.
The DOJ accused Visa of inhibiting competition by threatening merchants with high fees and paying off possible rivals.
A lawsuit had been filed against the company on September 24.
“Visa’s unlawful conduct affects not just the price of one thing, but the price of nearly everything,” Attorney General Merrick Garland said in a statement.
He also pointed out that merchants and banks pass payment network costs to consumers.
In July 2022, Paul was charged with two alcohol-related driving misdemeanors from a crash that took place the month prior in Northern California.
The Napa County District Attorney’s Office charged him with driving under the influence of alcohol and for having a 0.082% blood alcohol level, leading to the impact. The legal limit in California is 0.08%.
On the morning of October 28, 2022, Paul was attacked by a man who broke into his and his wife’s San Francisco residence.
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