Thursday, 18 October, 2018

New York Congressman Arrested On Insider Trading Charges

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Gerardo Duncan | 08 August, 2018, 20:26

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

Collins' son Cameron and Stephen Zarsky, the father of Cameron Collins' fiancée, were also listed as defendants.

Collins passed nonpublic information about Innate's drug trial results to his son to help him "make timely trades in Innate stock and tip others", the indictment alleges.

Republican congressman Chris Collins, one of the first U.S. lawmakers to declare support for Donald Trump's presidential candidacy, was indicted by federal prosecutors Wednesday on charges of securities fraud connected to an alleged insider trading scheme.

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

The Office of Congressional Ethics recommended the House ethics committee dismiss a third charge against Collins regarding a discount he received on a private sale of Innate stock because he was a member of Congress.

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

The congressman will speak to the charges later Wednesday, they said.

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.

According to the indictment, after Collins learned a trial regarding a drug to treat multiple sclerosis failed, he contacted his son, who traded on the information. When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent. 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. Zarsky is also said to have made trades.

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