Public Trust Tracker

INV-025 · Money & ethics · Insider trading

Hegseth's broker and a defense fund before the Iran strikes

Stage 2 of 5: Inquiry · Letters and records requests · Last development 30 Apr 2026

The Financial Times reported that Hegseth's Morgan Stanley broker tried to invest in a BlackRock defense industry fund in the weeks before the US strikes on Iran. Hegseth calls the story false.

Pete Hegseth
People
Pete Hegseth, Morgan Stanley, BlackRock
Agencies
Defense Dept
Reviewed by
House Oversight (minority), Senate Armed Services (minority)

Timeline

  1. Sen. Warren questions Hegseth at a Senate Armed Services hearing. [2]

  2. Sen. Warren asks SEC Chair Atkins to investigate any trading by Hegseth or others on inside information about military action. Answers were due 15 May. [3]

  3. Reps. Garcia and Subramanyam ask Hegseth, Morgan Stanley and BlackRock to preserve all records. [1]

  4. The Financial Times publishes the report. [1]

Responses

  • Pete Hegseth: Called the report "made up out of whole cloth" and said "I'm not making investments." [2]

Who is acting on it

  • Letter Rep. Robert Garcia (D-CA), Rep. Suhas Subramanyam (D-VA): Asked Hegseth, Morgan Stanley and BlackRock to preserve records (31 Mar 2026, No reply or result recorded yet)
  • Asked for an investigation Sen. Elizabeth Warren (D-MA): Asked the SEC to investigate any trading on inside information about military action (20 Apr 2026, No reply or result recorded yet)
  • Hearing Sen. Elizabeth Warren (D-MA): Questioned Hegseth at an Armed Services hearing (30 Apr 2026, No reply or result recorded yet)

Sources

  1. House Oversight Democrats, 31 Mar 2026
  2. Sen. Warren press release, 30 Apr 2026
  3. Sen. Warren, letter to SEC, 20 Apr 2026 (PDF)

Cite this case

Public Trust Tracker. "Hegseth's broker and a defense fund before the Iran strikes" (INV-025). Last updated 30 Apr 2026. https://publictrusttracker.org/case/inv-025-hegseths-broker-and-a-defense-fund-before-the-iran-strikes/

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