New York Congressman Arrested On Insider Trading Charges

08 August, 2018, 22:49 | Author: Trevor Moore
  • Congressman Chris Collins Arrested For Insider Trading

Christopher Collins, a Republican U.S. congressman from NY who was one of President Donald Trump's earliest supporters, was criminally charged on Wednesday with taking part in an insider trading scheme involving an Australian biotechnology company on whose board he served. CNBC quotes the Justice Department as saying the indictment is tied to "securities of Innate Immunotherapeutics.an Australian biotechnology company on whose board of directors Christopher Collins served". They say the son traded on the inside information and passed it to a third defendant, Stephen Zarsky.

Collins was the biggest investor in the company, which is developing treatments for multiple sclerosis, and he reportedly was pitching it as a good investment to friends and House colleagues. They say Zarsky traded on it and tipped off at least three others.

The indictment charges Collins, the congressman's son and the father of his son's fiancee with conspiracy, wire fraud and other counts.

"We are confident he will be completely vindicated and exonerated", attorneys for Collins said in a statement issued before his arraignment.

The pro-Trump politician, who is up for re-election in November, has been a member of Congress since 2013, representing suburban and rural areas around the New York State city of Buffalo.

Collins's district in Western New York is solidly Republican and voted overwhelmingly for Trump in 2016.

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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. "Makes no sense. How are these results even possible???"

Collins' dealings with Inate Immunotherapeutics are also the subject of an ongoing congressional ethics probe.

Rep. Chris Collins, one of the wealthiest members of Congress, was arrested on charges insider trading on Wednesday.

Collins bought another $1 million in Innate stock four months before that bill was signed into law, congressional financial disclosure records showed.

"While his guilt or innocence is a question for the courts to settle, the allegations against Rep. Collins demand a prompt and thorough investigation by the House Ethics Committee", Ryan, a Wisconsin Republican, said in a statement. When the House Ethics Committee began investigating the stock trades a year ago, his spokeswoman called it a "partisan witch hunt". "Insider trading is a clear violation of the public trust".

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