Wednesday, 19 December, 2018

GOP congressman busted for insider trading

Rep. Chris Collins R-NY. speaks in Cleveland Rep. Chris Collins R-NY. speaks in Cleveland
Kenny Thornton | 08 August, 2018, 19:27

Rep. Chris Collins (R-N.Y.), the first member of Congress to endorse President Donald Trump's presidential bid, was arrested on Wednesday and charged with securities fraud, NBC News reported.

The defendants are accused of securities fraud, wire fraud, conspiracy, and making false statements, all related to publicly traded stocks of an Australian biotechnology company, Innate Immunotherapeutics.

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.

In the 22-page civil complaint, Collins, his son Cameron, and Stephen Zarsky, the father of Cameron's fiancee, are accused of insider trading. The indictment says the trades allowed Cameron Collins and others to avoid more than $768,000 in losses.

Collins, who was the first sitting member of Congress to endorse Donald Trump's presidential bid, surrendered Wednesday morning at his attorney's office in Manhattan, according to the Federal Bureau of Investigation.

Berman's office will hold a press conference at noon.

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Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock.

Rep. Chris Collins (R., N.Y.) was arrested by the Federal Bureau of Investigation on Wednesday and indicted on charges related to securities fraud. Price and Collins purchased almost $1 million in discounted stock in the company.

Collins reportedly surrendered to federal agents in Manhattan this morning and was taken into custody.

"Congressman Collins will have more to say on this issue later today".

No allegations of misconduct have been leveled against him or Conaway, a former chairman of the House Ethics Committee.

Collins, one of President Donald Trump's early supporters in Congress, came under fire early past year for investing in the Sydney-based Innate Immunotherapeutics while sitting on a House committee that oversees healthcare policy.

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