Mystery Trader Scores Millions in Suspected Insider Trading
An unnamed trader made a significant profit by buying 100,000 call options on Equitrans Midstream Corporation, the owner of the Mountain Valley Pipeline, just days before the pipeline's approval was announced. Including the pipeline in a debt ceiling deal was unexpected, and the trader's timely investment raised suspicions of insider trading. Equitrans Midstream shares surged by 49% following the announcement, potentially earning the trader around $7.5 million. Equitrans and Senator Joe Manchin, who championed the pipeline, denied involvement in the transactions.