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Senators petition investigation of Icahn’s RIN impact

Nine US Senators have issued a letter to multiple US government agencies calling for an investigation of CVR Energy head and Presidential advisor Carl Icahn.

The letter, which was sent on 9 May to the U.S. Commodities Futures Trading Commission, the Securities and Exchange Commission and the U.S. EPA, alleges Icahn of potentially committing insider trading, market manipulation and other securities and commodities law violations related to the renewable identification number (RINs) market.

In the letter, the Senators outline Icahn’s position as majority owner of CVR Energy as well as his role as special advisor to President Donald Trump.

The Senators go on to say that Icahn made a massive bet in 2016 that RIN prices would drop, and that, as a result of his personnel and policy changes recommended to Trump, caused RIN prices to drop, netting Icahn millions on his initial investment.

“We have no way of knowing at this time whether Mr. Icahn made any of his renewable fuel credit trades or decisions about trades based on material, non-public information or otherwise manipulated the market,” the letter added.

“But the publicly available evidence is troubling, and based on this evidence, we ask that your agencies investigate whether Mr. Icahn’s conduct violated any laws under your jurisdiction.”

Along with the petition to investigate Icahn, the Senators requests recusal on the matter from EPA head Scott Pruitt and SEC chairman Jay Clayton due to potential conflicts of interest.

The letter is signed by Senate Democrats Elizabeth Warren, Debbie Stabenow, Tom Carper, Sherrod Brown, Sheldon Whitehouse, Tammy Baldwin, Tammy Duckworth, and Amy Klobuchar, and can be read in its entirety here.

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