Thursday, 13 December, 2018

Congressman Chris Collins, relatives indicted on insider trading

Congressman Chris Collins Arrested For Insider Trading NY Republican Chris Collins Arrested for Fraud
| 08 August, 2018, 20:29

Christopher Collins, an upstate NY politician and the first member of Congress to endorse Donald Trump, has been indicted on insider trading charges.

The indictment charges Collins, the congressman's son and the father of the son's fiance, with conspiracy, wire fraud and other counts. Collins allegedly shared non-public information about Innate Immunotherapeutics, an Australian drug company developing a drug to treat multiple sclerosis.

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Successful completion of the trial was necessary for commercialization of the production in the US, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment. Collins, per the indictment, served on the company's board of directors.

Collins gained prominence for being one of the earliest Capitol Hill backers of President Donald Trump.


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.

FBN's Ashley Webster on the indictment of Rep. Chris Collins, (R-N.Y.), on charges of insider trading. Cameron Collins then allegedly traded on that inside information and passed it to Zarsky "so that they could utilize the information for the same goal", according to the indictment. Collins' value in Innate went from $25,000,001 to $1,000,001, according to his most recent financial disclosure.

"We are confident he will be completely vindicated and exonerated", they said in a statement.

According to the documents, the congressman did not make trades himself, because he was under investigation by the Office of Congressional Ethics and his shares were traded on the Australian stock exchange, which had halted trading in Innate stock.

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