Demo only — this investigation, its subject and its sources are fictional. It demonstrates how a real case is presented.
Ada Morrow said she doesn't trade individual stocks. Her disclosure lists a DemoCorp purchase — by her spouse
Two months after telling a town hall "I don't trade individual stocks," Ada Morrow's periodic transaction report disclosed a purchase of DemoCorp shares owned by her spouse.
The original statement
Exact quotationI don't trade individual stocks. I think members shouldn't.
Context
Answering a constituent question about a proposed stock-trading ban.
What happened afterward
Documented recordA spouse-owned purchase of DemoCorp ($15,001–$50,000) was disclosed on 14 May 2025.
The investigation
DEMO ONLY — every person, quote, source and number in this case is fictional.
At a 9 February 2025 town hall, asked about a proposed ban on stock trading by legislators, Morrow said: "I don't trade individual stocks. I think members shouldn't."
On 14 May 2025 she filed a periodic transaction report listing a 3 April 2025 purchase of DemoCorp stock worth between $15,001 and $50,000. The owner column on the filing reads "SP" — spouse.
What the filing shows
The report is an official record and we treat it as verified. It attributes the transaction to Morrow's spouse, not to Morrow.
What it does not show
The filing does not show that Morrow directed the trade, and it does not make her town-hall statement — which was about her own trading — false on its face. Readers can weigh whether a household standard differs from a personal one.
Response
Morrow's office told us her spouse manages a separate account and that she has never traded individual stocks. We have included that response in full.
Evidence
3 sources- Exhibit A
Town hall, 9 February 2025 (DEMO)
DEMO transcript at 55:20 — "I don't trade individual stocks. I think members shouldn't."
- What it shows
- Morrow said she does not trade individual stocks.
- Identity / ownership
- Independently established
- Exhibit B
Periodic transaction report, Ada Morrow, filed 14 May 2025 (DEMO)
DEMO — Owner: SP (spouse). DemoCorp (DMCO) — Purchase — 3 April 2025 — $15,001 to $50,000.
- What it shows
- A DemoCorp purchase disclosed with owner "spouse".
- What it does not show
- That Morrow made or directed the trade.
- Limitations
- Amounts are disclosed as ranges.
- Identity / ownership
- Independently established
- Exhibit C
Statement from Rep. Morrow's office (DEMO)
DEMO — "My spouse manages a separate account. I have never traded individual stocks."
- What it shows
- Morrow's office says the spouse manages a separate account.
- What it does not show
- Independent confirmation of how the account is managed.
- Identity / ownership
- Independently established
Timeline
"I don't trade individual stocks"
Town hall answer.
Spouse-owned DemoCorp purchase
$15,001–$50,000, per later filing.
Periodic transaction report filed
Morrow's office responds
Limitations
What this does not establishDisclosure amounts are ranges. The filing does not show who made the investment decision.
Subject response
Right of replyResponded
“My spouse manages a separate account. I have never traded individual stocks.”
Correction history
No corrections. If you spot an error, tell us.