Sale of stock prompts ethics complaint - WMC Action News 5 - Memphis, Tennessee

Sale of stock prompts ethics complaint

CHATTANOOGA, Tenn. (AP) - The timing of U-S Senate Majority Leader Bill Frist's sale of shares in a hospital company founded by his family, weeks before the stock price dropped, has prompted an ethics complaint.

But Republican colleagues say they are standing by the potential 2008 presidential candidate.

Citizens for Responsibility and Ethics in Washington filed a complaint with the Senate Select Committee on Ethics. The complaint contends Frist violated Senate ethics rules by engaging in apparent insider trading and then attempting to cover it up.

Frist promised Monday to cooperate with federal investigators into his sale of stock in H-C-A Incorporated and said he did nothing improper.

Federal prosecutors and the Securities and Exchange Commission are examining records pertaining to the sale.

Republican Senator Lamar Alexander says as far as he can tell, Frist asked what the rules were and followed the rules.

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