Republican congressman Chris Collins indicted for securities fraud

08 August, 2018, 20:27 | Author: Mable Gonzales
  • Chris Collins

Christopher Collins, an upstate NY politician and the first member of Congress to endorse Donald Trump, has been indicted on insider trading charges. Collins is accused of telling his son and his son's father-in-law about the disappointing results ahead of the public announcement, leading them to unload stocks before the drop.

Collins was indicted along with his son, Cameron, and Stephen Zarsky, the father of Cameron's fiance.

"He said that he's made members money", an unnamed GOP lawmaker told the Hill at the time.

They added: "It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock".

Collins found out about the failed drug trial before it became public - getting an email about the results while attending the congressional picnic at the White House previous year, the indictment alleges.

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.

An early supporter of Donald Trump, Collins, who represents suburbs of Buffalo and Rochester, was the first congressman to endorse him, in February of 2016.

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Collins, who resigned in April from the Innate board, has denied wrongdoing.

Prosecutors say the charges relate to a scheme to gain insider information about a biotechnology company headquartered in Sydney, Australia, that has offices in Auckland, New Zealand.

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

FBN's Ashley Webster on the indictment of Rep. Chris Collins, (R-N.Y.), on charges of insider trading.

The House Ethics Committee had been investigating the allegations against Collins since August of 2017.

On the day after the trial results were released, the company's stock lost 92 percent of its value.

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

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