Rand Paul failed to disclose wife’s stocks in Covid drug

The disclosure has raised doubts among experts if the Paul family had additional knowledge on the matter

File: Kelley Paul is an author and former communications consultant (Getty Images for SiriusXM)

Kentucky Senator Rand Paul has revealed that Kelley Paul, his wife, bought stock in a drug being used to treat Covid-19 in February 2020, a month before the disease was declared a pandemic by the World Health Organisation (WHO).

The disclosure documents were filed by Ms Paul 16 months late despite a 45-day deadline, according to a report.

Ms Paul, an author and former communications consultant, invested between $1,000 and $15,000 in stocks of Gilead Sciences which makes the antiviral drug Remdesivir, widely used in the treatment of Covid, reported The Washington Post.

Kelsey Cooper, a spokesperson for Mr Paul said Ms Paul’s office had prepared a reporting form for his wife’s investment last year, but failed to transmit it. It was only recently while preparing an annual disclosure that he came to know about it, said Ms Cooper.

The Kentucky Republican ultimately sought help and filed a supplemental report on Wednesday, she said.

Ms Paul used her own money to make the investment “which she has lost money on”, she added.

WHO classified Covid-19 as a pandemic on 11 March, while the Food and Drug Administration (FDA) granted emergency use authorisation to Remdesivir in May, only after it underwent clinical trials on Covid patients.

In October, the FDA gave full approval for the treatment using the drug, that had previously been used to treat hepatitis C. The FDA, however, reversed its move later that month after a study raised concerns about its effectiveness.

Gilead made $2.8 billion from the drug that is being widely used in countries for the treatment, according to the report by The Washington Post.

Ms Paul made the purchase two days before that drug was backed by a WHO assistant director general on 24 February 2020, saying it could be the only drug that “may have real efficacy” in treating Covid, according to the report.

Mr Paul has repeatedly downplayed the severity of Covid-19. He was the only senator who voted against an $8.3bn emergency coronavirus bill.

This disclosure has raised doubts among experts if the Paul family had additional knowledge of the matter.

Keith Olbermann, a former ESPN and MSNBC commentator, accused Mr Paul of “moral bankruptcy.”

“Utter moral bankruptcy: @randpaul and wife used insider knowledge to make a killing on Covid antivirals weeks before the Republican administration revealed the seriousness of the threat. He should be in jail, not in the senate. #ArrestRandPaul,” he said in a tweet.

Fred Wellman, executive director of The Lincoln Project, called it a “shameless” act, adding “we aren’t fooled by your bull***t.”