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Blumenthal Statement on Alleged Insider Trading at Fantasy Sports Companies

(WASHINGTON, D.C.) – U.S. Senator Richard Blumenthal (D-Conn.), Ranking Member of the Senate Commerce Subcommittee on Consumer Protection, issued the following statement after New York Attorney General Eric T. Schneiderman called on FanDuel and DraftKings, two major fantasy sports companies, to release information on their efforts to prevent fraud following reports of employees profiting from insider information:

I urge the FTC to investigate immediately whether these sites have been using deceptive, misleading advertising, and for the DOJ to examine whether there have been violations of criminal law. If these allegations are true, FanDuel and DraftKings employees are taking advantage of proprietary information to gain an advantage and defraud the general public.  The FTC and DOJ must protect consumers against blatantly illegal misuse of insider information. There simply must be a level playing field for all players to know that sites are operated fairly and honestly.”