GOP Congressman charged with insider trading, lying to Federal Bureau of Investigation

Congressman Chris Collins Arrested For Insider Trading

Congressman Chris Collins Arrested For Insider Trading

Collins was on the board of Innate Immunotherapetutics, one of its largest shareholders, and had access to nonpublic information about the company. His son allegedly both acted on the information and conveyed it to Stephen Zarsky, the father of his fiancee.

Before the drug trial results were released publicly on June 26, Cameron Collins made more that 50 trades in Innate stock and sold almost 1.4 millions shares, the documents state.

The Australia-based biotech company is trying to develop a treatment for multiple sclerosis.

The holdings from Long, Mullin and Collins make three GOP members of the Health subcommittee that have owned and/or sold Innate stock within the past two years.

In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court.

The Republican congressman, who has served New York's 27th District since 2013, surrendered to federal agents in Manhattan on Wednesday morning and is expected to appear in federal court in lower Manhattan later in the day.

The attorneys added that Collins "will have more to say on this issue later today".

Sunil Gavaskar Highlights the Reason Behind India’s Loss
Our daily blog will ensure you have all the latest updates throughout your day and week but we want you to get involved too. I do think he should take some of the responsibility for the loss, though". "The series is set up nicely now", he said.

Rep. Doug Lamborn and his wife also held stake in Innate Immunotherapeutics though an IRA, according to the Colorado Republican's most recent financial disclosure.

"Wow", Collins wrote back at 7:10 p.m., according to the indictment. Innate's CEO emailed the congressman and other directors about the results on the evening of June 22 - when Collins was at a congressional picnic at the White House.

U.S. Attorney for the Southern District of New York Geoffrey Berman said that this case was a reminder "that this is a nation of laws, and everyone stands equal before the bar of justice".

Collins was one of President Trump's earliest congressional supporters, becoming the first member of the House to endorse Mr. Trump for president during the 2016 campaign. "How are these results even possible?"

The Office of Congressional Ethics and the House Ethics Committee launched an investigation into Collins' stake in Innate as a potential conflict of interest.

Collins's alleged tip helped Cameron, Zarsky and other relatives avoid about $750,000 in losses they would have suffered without knowledge of Innate's clinical failure.

Chris Collins couldn't sell off his stock, according to prosecutors; He was already under a congressional ethics investigation and his stock was in the Australian markets, which had already halted trading of Innate stock. "Insider trading is a clear violation of the public trust". Within minutes, Collins telephoned his son, who then passed the information along to others.

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