Chris Collins reportedly indicted by federal grand jury on insider trading charges

Chris Collins reportedly indicted by federal grand jury on insider trading charges

Chris Collins reportedly indicted by federal grand jury on insider trading charges

NEW YORK-Republican U.S. Rep. Christopher Collins of NY was arrested Wednesday on charges he fed inside information that he gleaned from sitting on the board of a biotechnology company to his son, helping others dodge hundreds of thousands of dollars in losses when bad news came out. They say Zarsky traded on it and tipped off at least three others. He is accused of using inside information about a biotechnology company to make illicit stock trades.

A successful drug trial was needed before the drug could be sold commercially. Collins learned about the failure of a multiple sclerosis drug trial, MIS416, and passed on that information before that information was released publicly, prosecutors said.

For their role in the alleged scheme, Chris Collins, Cameron Collins and Zarsky are facing 11 felony charges each. He allegedly then promptly notified his son of the nonpublic information, who spread the news to other family members and friends who had bought shares in the company.

Cameron and Zarsky are also charged.

That allowed them, prosecutors allege, to avoid more than $768,000 in losses they would have incurred if they had traded the stock after the drug trial results became public.

Rep. Chris Collins (R-NY) was arrested and indicted on federal insider trading charges Wednesday.

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"Despite the continued partisan attacks insinuating otherwise, Congressman Collins has followed all ethical guidelines related to his personal finances during his time in the House and will continue to do so", Michael McAdams told the Daily Beast.

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

Collins was an early Trump supporter and one of the president's liaisons in Congress. The charges were announced and the indictment unsealed on Wednesday, Aug. 8, 2018.

However, prosecutors say this was because he "was already under investigation by the Office of Congressional Ethics in connection with his holdings in, and promotion of, Innate". Mr. Collins was a member of Innate's board of directors and one of the company's largest shareholders, the indictment said.

The House Ethics Committee had been investigating the allegations against Collins since August of 2017. The outside, non-partisan Office of Congressional Ethics began a review of Collins' activity in March 2017 and voted to send its findings to the House ethics panel that July, which can formally launch investigations and recommend any sanctions against any lawmaker it determines has broken any rules. "Insider trading is a clear violation of the public trust". He serves on the Health subcommittee of House Energy and Commerce.

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