Congressman Chris Collins, relatives indicted on insider trading

Congressman Chris Collins, relatives indicted on insider trading

Chris Collins, a Republican congressman from NY, was arrested Wednesday on insider trading charges, federal prosecutors announced. Prosecutors say Cameron Collins then passed the information along to Zarsky, who made a trade.

"Christopher Collins, the defendent, violated the duties he owed to Innate by passing material; nonpublic information regarding the Drug Trial results to his son, Cameron Collins, the defendent, so that [his son] could use that information to make timely trades in Innate stock and tip others", the indictment states.

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.

"The crime that he committed was to tip his son Cameron so that Cameron and a few select others could trade on the news while the investing public remained in the dark", Berman said.

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.

Lawyers for Collins released a statement expressing confidence he would be "completely vindicated and exonerated".

Collins was first elected to Congress in 2012.


Collins was one of Trump's first congressional supporters.

Collins got the news of the drug trial in a June 2017 email from the company's chief executive officer while attending an event on the South Lawn of the White House.

An indictment unsealed in federal court in Manhattan charges Collins, the congressman's son and the father of the son's fiance with conspiracy, wire fraud and other counts.

Over the next few days, however, Cameron Collins sold off almost 1.4 million shares of Innate stock.

Collins bought another $1 million in Innate stock four months before that bill was signed into law, congressional financial disclosure records showed. "How are these results even possible???" he wrote to the CEO of Innate.

In a report dated October 12, 2017, the OCE recommended that the Committee on Ethics of the United States House of Representatives "further review the above allegation because there is a substantial reason to believe that Representative Collins took official actions or requested official actions that would assist a single entity in which he had a significant financial interest, in violation of House rules and standards of conduct". "Insider trading is a clear violation of the public trust". "The charges today demonstrate once again that no matter what the crime and no matter who committed it, we stand committed in the pursuit of justice without fear or favor".

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