Ex-Fed Governor Adriana Kugler accused of extensive trading during blackout period

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Adriana Kugler, who abruptly resigned from the Federal Reserve in August, violated the central bank’s ethics rules relating to extensive buying and selling of stocks last year, according to disclosures made public Saturday.

The delayed filing, posted by the Office of Government Ethics, details a pattern of trades in major companies such as Apple, Southwest Airlines and the restaurant chain Cava. Nine of the transactions were executed during blackout periods, when policymakers are barred from making any financial transactions.

Adriana Kugler, who abruptly resigned from the Federal Reserve in August, violated the central bank’s ethics rules relating to extensive buying and selling of stocks last year, according to disclosures made public Saturday.

The delayed filing, posted by the Office of Government Ethics, details a pattern of trades in major companies such as Apple, Southwest Airlines and the restaurant chain Cava. Nine of the transactions were executed during blackout periods, when policymakers are barred from making any financial transactions.

Kugler has said that the trades were carried out by her husband without her knowledge, and she said in the filings that “her spouse did not intend to violate any rules or policies.”

The documents also show that Fed ethics officials wouldn’t certify that Kugler had complied with the central bank’s policies and had referred the matter to the Fed’s internal watchdog. Fed officials are generally prohibited from purchasing stocks and must receive ethics approval before they can sell any shares.

Kugler didn’t immediately respond to a request for comment Saturday.

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