Online Gambling Zealot Spencer Cleared in ‘Insider Trading’ Probe

Written by :

Gilbert Horowitz

Published on :

2 May, 2012

Alabama GOP Representative Spencer Bachus was cleared of wrongdoing in a Congressional “insider trading” probe.

The investigation followed a “60 Minutes” segment where Bachus was said to have been engaging in insider trading and improperly profiting from the 2008 market meltdown.

The Office of Congressional Ethics unanimously dismissed all of the potential charges.

“The independent panel's "unanimous dismissal of these false allegations is a welcome conclusion to a destructive and disruptive, media generated assault," Bachus said in the statement. "It has been a long, painful, and frustrating experience to have a reputation built over many years sullied by untrue accusations."

Bachus has long been a staunch advocate against legalized Internet gambling though he has remained mum on the topic over the past year.

- Gilbert Horowitz, Gambling911.com

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