New York Congressman Chris Collins Arrested, Charged with Insider Trading
08 August, 2018, 21:27 | Author: Donnie King
His son, Cameron Collins, and Stephen Zarsky, the father of Cameron's fiancee, were also indicted on the same charges.
The insider trading crimes concern Innate Immunotherapeutics, an Australian biotech firm in which both Collins men were major shareholders.
The Justice Department indictment released Wednesday alleges that while Collins served on the board of the company, he passed inside information to his son after the company's main drug failed a trial.
"The charges against Congressman Collins show the rampant culture of corruption and self-enrichment among Republicans in Washington today", House Minority Leader Nancy Pelosi (D-Calif.) fired off in a statement before prosecutors had even held a news conference to explain what they think Collins did wrong.
In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court.
Chris Collins was first elected to New York's 27th Congressional District in 2012. They believe it to be the first insider-trading case against a sitting congressman.
FBN's Ashley Webster on the indictment of Rep. Chris Collins, (R-N.Y.), on charges of insider trading.
A U.S. congressman has been accused of using inside information to make illicit stock trades. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate. According to an indictment unsealed Wednesday, the elder Collins learned that a drug from the company failed an FDA trial while he was at a White House picnic in June of 2017.
Collins is estimated to be the 13th wealthiest member of Congress, with a projected net worth of $44 million.
Charging documents said Innate was testing a drug called MIS416, to see if it was an effective treatment for Secondary Progressive Multiple Sclerosis. Price said he never received information that could be considered a stock tip and denied any wrongdoing.
"This was the drop in value that the co-conspirators avoided by selling their shares before the public announcement", Mr Berman said.
"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name", the statement read.
Collins' latest sale of Innate Immunotherapeutics holdings was on June 20, 2018 and valued between $15,000 and $50,000 according to House periodic transaction reports.
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