San Jose Lawmaker Seeks Probe of Possible Insider Trading Before Iran War Updates

Rep. Sam Liccardo demands SEC investigation into well-timed oil and stock trades before Trump's Iran announcements.

Apr. 17, 2026 at 10:07pm

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A vibrant, abstract painting composed of overlapping, fractured geometric shapes in shades of blue, green, and orange, conceptually representing the chaotic energy and high-stakes speculation around insider trading on sensitive geopolitical information.Allegations of well-timed, large-volume trades ahead of major presidential announcements on Iran raise concerns about possible insider trading and abuse of confidential information.San Jose Today

Rep. Sam Liccardo, a San Jose Democrat, has asked federal financial regulators to investigate possible insider trading in oil and stock markets that occurred just before President Trump made major announcements related to the Iran war. Liccardo cited reports of large, well-timed trades in oil futures and S&P 500 futures that suggested investors had advance knowledge of the President's actions.

Why it matters

Insider trading on confidential government information is illegal and undermines public trust in financial markets and government institutions. If proven, these allegations could lead to significant enforcement actions and reforms to prevent future abuses of insider knowledge.

The details

In a letter to the SEC and CFTC chairs, Liccardo said the timing of the trades, which included over $500 million in oil futures sold and $1.5 billion in S&P 500 futures bought right before Trump announced actions or inaction regarding Iran, 'strongly suggests illicit trading on insider information.' Liccardo cited similar well-timed bets made before Trump's tariff announcements as further evidence of a potential pattern of insider corruption.

  • On March 23, investors sold over $500 million in oil futures and bought $1.5 billion in S&P 500 futures less than two minutes before Trump announced a delay in attacks on Iran's energy infrastructure.
  • Less than three hours before Trump announced a two-week ceasefire with Iran on April 7, speculators placed an approximately $950 million bet on an anticipated drop in oil prices.

The players

Rep. Sam Liccardo

A freshman Democratic congressman from San Jose, California.

Paul Atkins

The chair of the Securities and Exchange Commission, appointed by President Trump.

Michael Selig

The chair of the Commodity Futures Trading Commission, appointed by President Trump.

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What they’re saying

“The timing indicates bets were placed by those with advance knowledge of the President's action, strongly suggesting illicit trading on insider information, in violation of the Securities and Exchange Act of 1934, the Commodity Exchange Act of 1936, and the Stop Trading on Congressional Knowledge (STOCK) Act of 2012.”

— Rep. Sam Liccardo, U.S. Representative

What’s next

Liccardo has demanded an immediate response from the SEC on whether it has opened an investigation into the trading activity and what tools it has to monitor and prevent insider trading.

The takeaway

These allegations of well-timed, large-volume trades ahead of major presidential announcements related to the Iran war raise serious concerns about potential insider trading and abuse of confidential government information for personal financial gain. Addressing this issue is crucial to maintaining public trust in the integrity of U.S. financial markets and government institutions.