WASHINGTON — Senate Majority Leader Bill Frist has been subpoenaed by the U.S. Securities and Exchange Commission to turn over records in a probe of possible insider trading, sources close to the case said Thursday.
Authorities are looking into Frist's recent sale of shares of hospital operator HCA Inc., co-founded by his family.
The sales were completed days before HCA's stock price fell sharply on a disappointing profit outlook.
Bob Stevenson, spokesman for the Tennessee Republican, said subpoenas were routine in SEC inquiries.
"Sen. Frist has been fully cooperating with the authorities conducting the inquiries and will continue to do so.... The issuance of a subpoena would be an expected and normal part of that process," Stevenson said in a statement.
An SEC spokesman declined to comment.
The subpoena came as questions swirled around Frist's management in recent years of his investments in HCA and other companies through a collection of blind trusts.