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Loreben Tuquero
By Loreben Tuquero December 10, 2024

No proof UnitedHealthcare CEO was set to testify against Nancy Pelosi for insider trading

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  • California Rep. Nancy Pelosi is not being investigated for insider trading charges, according to searches of news reports, the Nexis news database and court records. ​

Following a dayslong search, a person of interest has been detained in UnitedHealthcare CEO Brian Thompson’s Dec. 4 killing.

In the days since Thompson’s death, social media users have continued to speculate about the killer’s motive. Some are pointing to a supposed connection to California Rep. Nancy Pelosi, a frequent misinformation target.

"BREAKING: Brian Thompson, the CEO of UnitedHealthcare, was set to testify against Nancy Pelosi for insider trading," multiple Dec. 7 Threads and Instagram posts read.

(Screenshot from Instagram)

These posts were flagged as part of Meta’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Meta, which owns Facebook, Instagram and Threads.)

The same text was posted Dec. 6 on X. But there’s no proof that Thompson was scheduled to testify against Pelosi. The representative is not being investigated for insider trading, based on searches of news reports, the Nexis news database and court records.

Pelosi’s spokesperson declined to comment.

Stock trading by members of Congress is governed by the Stock Act, which requires members of Congress to report sales, purchases or exchanges of securities exceeding $1,000 30 days after being made aware of them, or no later than 45 days after the transactions. Congress members who are late to report their trades incur a $200 fee, and repeated delays could lead to more fees.

Pelosi’s husband, Paul, is an investor; her staff has repeatedly said she owns no stock. Nancy Pelosi’s 2024 periodic transaction reports show only transactions by her spouse.

President-elect Donald Trump in September claimed Paul Pelosi traded Visa stock before an antitrust lawsuit was announced and said Nancy Pelosi "should be prosecuted for that." But the government hasn’t said it’s investigated Pelosi’s trading activities. 

Thompson was facing insider trading allegations. A lawsuit accused him of selling stock before news broke about a federal investigation into UnitedHealthcare, The Washington Post reported.

Other social media users pointed to a periodic transaction report by Nancy Pelosi showing that her spouse on Feb. 12 and 21 bought call options for Palo Alto Networks Inc., which UnitedHealth Group, UnitedHealthcare’s parent, tapped to assess a Feb. 21 cyberattack on its unit Change Healthcare. (Call options are contracts that let buyers buy stocks at specific prices within specific times.)

Victims of the cyberbreach sued Change Healthcare, and the health care compliance news site The HIPAA Journal reported that settlement talks were scheduled for early December. 

But there’s no evidence Thompson was set to testify in a hearing against Pelosi for insider trading. We rate that claim False.

PolitiFact Researcher Caryn Baird contributed to this report.

Our Sources

Threads post, Dec. 7, 2024

Instagram post (archived), Dec. 7, 2024

Instagram post (archived), Dec. 7, 2024

X post, Dec. 6, 2024

Associated Press, Man in custody had a gun, mask and writings tying him to killing of UnitedHealthcare CEO, police say, Dec. 9, 2024

Congress.gov, STOCK Act, accessed Dec. 9, 2024

Ethics in Government Act of 1978, accessed Dec. 9, 2024

PolitiFact, Beasley ad half right about STOCK Act violations, Sept. 1, 2022

The Washington Post, Investors, worried they can’t beat lawmakers in stock market, copy them instead, June 1, 2024

The Washington Post, Slain UnitedHealth CEO faced ongoing court battles, threats, Dec. 6, 2024

NPR, Stock traders are trying to beat the market — by copying lawmakers, June 6, 2024

The New York Post, Trump calls for Nancy Pelosi to be ‘prosecuted’ over husband’s $500K Visa stock trade, Sept. 27, 2024

Committee on Ethics, 2024 Instruction Guide, Financial Disclosure Reports for Calendar Year 2023 and Periodic Transaction Reports

Periodic Transaction Report by Nancy Pelosi, Feb. 23, 2024

Periodic Transaction Report by Nancy Pelosi, March 21, 2024

Periodic Transaction Report by Nancy Pelosi, July 2, 2024

Periodic Transaction Report by Nancy Pelosi, July 30, 2024

Periodic Transaction Report by Nancy Pelosi, Sept. 11, 2024

Roll Call’s Factbase, Press Conference: Donald Trump Holds a Press Conference in New York - September 26, 2024

C-SPAN, Former President Trump Speaks to Reporters in New York City, Sept. 26, 2024

New York Post, Trump calls for Nancy Pelosi to be ‘prosecuted’ over husband’s $500K Visa stock trade, Sept. 27, 2024

CNBC, UnitedHealth Group has paid more than $3 billion to providers following cyberattack, March 27, 2024

X post, Dec. 4, 2024

The Washington Post, U.S. prescription drug market in disarray as ransomware gang attacks, March 1, 2024

The Washington Post, Health-care hack spreads pain across hospitals and doctors nationwide, March 3, 2024

The HIPAA Journal, Change Healthcare Data Breach Settlement Talks Due to Commence, Dec. 5, 2024

U.S. District Court, District of Minnesota, Change Healthcare, Inc. Customer Data Security Breach Litigation, MDL No. 3108, accessed Dec. 10, 2024

Lead Stories, Fact Check: NO Evidence Slain UnitedHealthcare CEO Brian Thompson Was Set To Testify Against Nancy Pelosi For Insider Trading, Dec. 9, 2024

PolitiFact, No evidence Pelosi bought stock in drug manufacturer Amgen, Oct. 25, 2022

Fox Business, Nancy Pelosi's husband sold more than $500K in Visa stock ahead of DOJ action, Sept. 25, 2024

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No proof UnitedHealthcare CEO was set to testify against Nancy Pelosi for insider trading

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