NY congressman charged with insider trading

Congressman Chris Collins Arrested For Insider Trading

The charges are relating to securities of Innate Immunotherapeutics, an Australian biotechnology company on whose board of directors Chris Collins served.

Multiple GOP lawmakers told The Hill previous year that Collins had boasted about making money for other members of Congress by urging them to invest in the company, of which he is the largest stockholder.

The indictment claims that, after receiving this email, Collins then called his son, Cameron Collins, to inform him of the drug's failure - despite "knowing that it was in breach of his duties to Innate". Collins' value in Innate went from $25,000,001 to $1,000,001, according to his most recent financial disclosure.

Since his inauguration, Collins has continued to defend Trump.

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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.

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated". By selling stock before the results of the trial were publicly released, the three men and other unnamed individuals avoided $768,000 in losses. He is accused of using inside information about a biotechnology company to make illicit stock trades.

The defendants have also been charged with counts of wire fraud and false statements.

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.

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A GOP congressman from NY is arrested and facing charges related to insider trading.

The Australia-based biotech company is trying to develop a treatment for multiple sclerosis. They sold their stocks in the company before the public announcement, which caused the company's stock prices to drop by 92 percent.

"Insider trading is a clear violation of the public trust".

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