U.S. Rep. Phil Gingrey may have received stock benefits in violation of congressional ethics rules from his role as an insider of two Georgia banks, one of which failed, according to a report Wednesday by Thomson Reuters.

Gingrey, R-Marietta, serves on the board of Hiram-based WestSide Bank. He formerly served as a director of Bank of Ellijay, which he left several months before its failure in September 2010.

The news agency reports Gingrey received warrants to buy stock in the banks in exchange for his board service. Two former House ethics attorneys told Reuters that would amount to outside compensation in violation of U.S. House rules.

Click here to read the Atlanta Journal-Constitution story.