READ: Chris Collins Insider Trading Indictment Court Documents

08 August, 2018, 20:25 | Author: Bert Pena
  • Congressman Chris Collins Arrested For Insider Trading

Chris Collins, a Republican congressman from NY, was arrested Wednesday on insider trading charges, federal prosecutors announced.

Collins, one of the largest shareholders of Innate Immunotherapeutics and a board member of the biotech firm, faces charges of securities fraud. Indeed, Collins lost $17 million when the company's stock pice dipped down to five cents, according to reports from last June. Collins, his son, Zarsky and others not named in the indictment, including Cameron Collins' fiancee, Zarsky's wife, Cameron Collins' friend and Zarsky's friend and brother, were able to prevent more than $768,000 in losses, prosecutors said in the indictment.

"Yeah, on his stock tip", the same unnamed lawmaker replied, according to the Hill. The charges were announced and the indictment unsealed on Wednesday, Aug. 8, 2018.

Since his inauguration, Collins has continued to defend Trump.

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name ..."

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Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated". Long sat on the House Energy and Commerce Committee, which addresses health policy.

When that drug failed a clinical trial in Australia, the company's stock plummeted.

Collins gained personal benefit and provided nonpublic information to his son Cameron Collins who sold almost $1.4 million of Innate Immunotherapeutics shares, according to a complaint filed by the Securities and Exchange Commission.

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

Republican congressman Chris Collins, one of the first USA 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. "Until this matter is settled, Rep. Collins will no longer be serving on the House Energy and Commerce Committee".

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