The Campaign Legal Center filed an ethics complaint against Rep. Byron Donalds, accusing him of failing to disclose over 100 stock trades valued at up to $1.6 million, in potential violation of the STOCK Act

The Campaign Legal Center (CLC), a nonpartisan government watchdog group, filed an ethics complaint on Thursday against U.S. Rep. Byron Donalds, accusing him of failing to disclose more than 100 stock trades valued at up to $1.6 million, allegedly in violation of federal law.

According to the CLC, Donalds and his spouse made 108 stock trades between 2022 and 2023 but did not file the required Periodic Transaction Reports (PTRs) within the 45-day deadline mandated by the STOCK Act, which requires lawmakers to report certain financial transactions. The trades, valued between $108,000 and $1.6 million, were not disclosed until Donalds submitted his annual financial filings—more than a year after most of the transactions occurred.

“Rep. Donalds’ failure to disclose his significant stock trading activity appears to have violated the STOCK Act and House rules designed to prevent the misuse of public office for private gain,” the ethics filing states.

The CLC also raised concerns about possible conflicts of interest, noting that several of the companies in which Donalds traded are regulated by the House Financial Services Committee, where he serves as a member. Companies such as JP Morgan Chase & Co. and Elevance Health, which were part of Donalds’ undisclosed transactions, have contributed to his campaign and lobbied on legislation he co-sponsored, according to the complaint.

“The undisclosed trades included stocks in companies that fall under the jurisdiction of the House Financial Services Committee,” the CLC wrote in its submission. “When members of Congress trade individual stocks and fail to disclose those trades, they break the law and diminish the public’s trust in government.”

The watchdog group is asking the Office of Congressional Ethics to determine whether Donalds intentionally withheld the disclosures to avoid scrutiny over potential conflicts of interest, given his role in crafting legislation that could impact the companies in question.

The CLC further asserts that Donalds, who worked in investment management before entering Congress, was likely aware of the STOCK Act’s requirements. The law, enacted in 2012, mandates that members of Congress report certain financial transactions within a specific timeframe to prevent conflicts of interest and insider trading. In public statements from 2022, Donalds criticized other lawmakers for failing to comply with the law, calling it “disgraceful” and arguing that members of Congress should face sanctions for violations.

“Prior to serving in Congress, Rep. Donalds was employed at Moran Wealth as associate vice president of investments and a partner. In [an inteview] concerning the STOCK Act, Rep. Donalds described himself as someone who “traded securities for a living,” the complaint asserts.

Currently, lawmakers who violate the STOCK Act typically face fines of $200 for late filings, though more severe civil penalties of up to $61,585, or even criminal charges, can be imposed for willful violations.

“The public has a right to know about potential conflicts of interest their elected officials may have,” said Kedric Payne, CLC’s vice president and general counsel. “Rep. Byron Donalds’ violations of the STOCK Act are significant, but his behavior is unfortunately not an anomaly in Congress.”

Rep. Donalds did not immediately respond to a request for comment.