Christopher Collins indicted on insider trading charges

Howard TerryAug 08, 2018

Rep. Collins was a director of the company and also a major investor. "This follows the company previously suggesting a great response to its drug and touting that it stood to generate as much as $3 billion in profits in this country alone", Slaughter said in a statement.

The House Ethics Committee declined to comment on the indictment Wednesday. Collins was indicted on charges that he used inside information about a biotechnology company to make illicit stock trades.

Collins was one of President Trump's earliest congressional supporters, becoming the first member of the House to endorse Mr. Trump for president during the 2016 campaign.

While the drug failed testing tanked the company's share price by 92 percent, Collins' tip allowed all three men to avoid almost $800,000 in losses, according to the indictment.

The Department of Justice released a statement that said the indictment is related to an Australian biotechnology company, Innate Immunotherapeutics. His son allegedly both acted on the information and conveyed it to Stephen Zarsky, the father of his fiancee.

Collins, a close ally of President Donald Trump who represents the 27th Congressional District of NY, is accused of passing on information he learned as a board member and major shareholder of Innate Immunotherapeutics, an Australian biotech company, to his son and others so they could sell stock to save money. The indictment says the trades allowed Cameron Collins and others to avoid more than $768,000 in losses. When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent.

He and the other defendants are charged with securities and wire fraud, conspiracy and lying to investigators.

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated".

After Collins surrendered to the FBI, Speaker Paul D. Ryan announced he would no longer sit on the House Energy and Commerce committee.

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