PAC planning to spend $1M-plus supporting Collins releases ad attacking Loeffler on stock trades

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Sen. Kelly Loeffler responds to criticism on stock sales amid heated election campaign

Georgia Senator Kelly Loeffler tells ‘America’s Newsroom’ investments were liquidated after criticism of pre-pandemic sell-offs and her main focus is helping the state through the coronavirus crisis.

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A super PAC that says it plans to spend seven figures supporting Rep. Doug Collins, R-Ga., in his effort to unseat Sen. Kelly Loeffler, R-Ga., in a special election this fall released an ad Tuesday attacking Loeffler for alleged insider trading based on information about the coronavirus threat she got through her job as a senator.

The ad, commissioned by the Trump-backing Great America PAC and first obtained by Fox News, is based on reports Loeffler sold up to $3.1 million in stocks ahead of the market collapse caused by the coronavirus, which would be illegal if she did so based on knowledge acquired from her work.

Loeffler has adamantly denied the allegations, saying that she did not even have any knowledge of the trades, which she says were made by advisers "without" her family's "input, direction or knowledge."

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Sen. Kelly Loeffler, R-Ga., right, speaks as former U.N. Ambassador Nikki Haley looks on during a re-election campaign rally Monday, March 9, 2020, in Marietta, Ga. (AP Photo/John Bazemore)

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The ad, however, says that "Loeffler attended a private Senate briefing on the coronavirus threat. That same day, Loeffler and her husband, who runs the New York Stock Exchange, began selling millions in personal stock before the market dropped." It also notes another sale of travel stocks that occurred before Trump banned travel from Europe.

The 30-second spot closes: "Insider Kelly Loeffler didn't prepare Georgia for coronavirus, she just protected her own fortune."

Great America PAC is one of a number pro-Trump PACs that are not authorized by the president but spend money supporting him nonetheless. It has been denounced by Trump and his representatives, according to Politico. The group says it plans to release the ad digitally in Georgia in the next few weeks before buying TV spots for the ad as well.

Loeffler's campaign slammed Great America PAC in a statement.

"Career politician Doug Collins is proud to have the support of a ScamPAC that President Trump and his team have publicly denounced," a spokesperson for Loeffler said. "Clearly, he’s willing to do whatever it takes to stay on the government payroll."

Collins, whose decision to run for Senate in a challenge against the incumbent Loeffler was panned by the GOP establishment, has previously praised Great America PAC and its chairman, Ed Rollins, who ran Ronald Reagan's successful 1984 reelection campaign.

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"Great America PAC is one of President Trump’s strongest supporters and I am very honored to earn their support in my run for the U.S. Senate," Collins said. "They played a critical role in electing the President in 2016, and I am confident they will do the same for me in 2020. I have tremendous respect for Ed Rollins and am proud to have his personal support as well."

Collins' campaign has gained at least some momentum, earning an endorsement from Rep. Drew Ferguson, R-Ga., who was the first member of Georgia's congressional delegation to back Collins.

Loeffler has called the allegations against her "lies" and went so far as to liquidate all of her and her husband's stock holdings earlier this month.

“Amid this health crisis, the temptation to circulate lies and misinformation is too great for the media and my political opponents,” Loeffler said. “That is why I’m taking steps to remove this temptation so that we can turn our focus back to where it belongs: on combating COVID-19 and restoring our country to health and economic recovery.”

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But in a statement announcing his PAC's newest ad, Rollins slammed Loeffler.

"Given a choice, we are confident Georgia voters will reject Loeffler and vote for a man of integrity like Doug Collins," he said.

Great America PAC says it has "raised and spent $40 million in support of Donald Trump's candidacy, presidency, and agenda." In its latest FEC report, the group reported just over $1.3 million cash on hand.

Fox News' Brooke Singman contributed to this report.