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Christopher Collins indicted on insider trading charges

08 August, 2018, 21:28 | Author: Ted Wilson
  • Congressman Chris Collins Arrested For Insider Trading

In fact, before his indictment Wednesday on insider trading, you may not have ever heard of Rep. Chris Collins (R-N.Y.).

Collins was charged with securities fraud, wire fraud and making false statements along with his son, Cameron Collins, and Stephen Zarsky, the father of his son's fiancée.

The 30-page indictment states that Cameron Collins sold around 1,391,500 shares of Innate stock before the company announced the drug trial had failed and prices plummeted.

"Access to this kind of information carries with it significant responsibility, especially those in society who hold a position of trust", said William Sweeney, assistant director of the FBI New York field office. "We are confident he will be completely vindicated and exonerated", the statement reads.

Collins, who represents the suburbs of Buffalo and rural counties in upstate NY, became the first House Republican to endorse Donald Trump's bid for the Republican presidential nomination.

Federal law enforcement officials on Wednesday said Rep. "Collins and his co-defendants made $768,000".

The congressman is accused of tipping off his son about the results of Innate's failed drug trial before the results were publicly released in June 2017. "Christopher Collins conveyed this material, nonpublic information to Cameron Collins knowing that it was in breach of his duties to Innate and anticipating that Cameron Collins would use it to trade and tip others", the indictment said.

The Australia-based biotech company is trying to develop a treatment for multiple sclerosis.

Justin Thomas coasts to win in finale at Firestone
It added up to a solid 3-under-par 69 and the prospect of a first win on the LPGA Tour, let alone a first major title. It leaves the former world No.1 Day in solo fourth, four shots back of leader Justin Thomas.

This led to three trades, it is alleged, that helped the defendants avoid $768,000 USA in losses.

Collins, who was first elected in 2012, threw his support behind Trump in February 2016, becoming the first Congressional Republican to endorse the future president.

The feds say Collins found out about the drug trial failure while he was attending the Congressional picnic at the White House in June of 2017.

Attorneys for Mr Collins said in a statement that they will "mount a vigorous defence to clear his good name".

Price isn't named in the indictment of Collins or accused of wrongdoing.

Price resigned as health secretary under criticism for taking pricey charter flights at taxpayers' expense.

This is not the first time the congressman's involvement with Innate has attracted scrutiny.

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