GOP lawmaker failed to disclose millions in stock trades in 'apparent violation of federal law': report

A freshman Republican congressman from Texas has failed to properly disclose millions of dollars in stock trades this year in what appears to be a violation of federal law.

Business Insider reports that Rep. Pat Fallon (R-TX) took months to disclose 90 separate stock transactions that the publication estimates are worth between $7.8 million and $17.5 million.

"By federal law, members of Congress have 30 days from when they become aware of a stock trade to formally disclose it in a certified report to the clerk of the House of Representatives," Business Insider notes. "His untimely reporting could prompt an ethics investigation or fine."

Fallon spokesman Luke Ball admitted to Business Insider that the congressman failed to disclose his stock transactions in a timely fashion, but he chalked it up to Fallon's unfamiliarity with disclosure rules, despite the fact that Fallon underwent congressional ethics training that went over those rules.

"As a freshman member, Congressman Fallon was unfamiliar with how frequently members of Congress are required to file financial disclosures, having served in other public offices where the requirements are different," Ball said. "Upon learning of the requirement, he immediately filed a disclosure with the appropriate entities. That disclosure is available for the public to review. Congressman Fallon looks forward to remaining in compliance with future filings."