New York GOP Rep. Chris Collins arrested on insider trading charges

New York GOP Rep. Chris Collins arrested on insider trading charges

Collins, a Republican from NY, served on the board of an Australian biotechnology company called Innate Immunotherapeutics, and was also the company's largest shareholder.

The charges stem from an ethics investigation that was launched a year ago following accusations that Collins shared non-public information about an Australian biotech company.

Rep. Collins was a director of the company and also a major investor.

The trades allowed the Collinses, Zarsky and others "to avoid over $768,000 in losses that they would have otherwise incurred" if they sold the stock after the announcement, according to the indictment.

A spokesman for the U.S. Attorney's office for the Southern District of New York in New York City says the congressman surrendered to authorities and is under arrest.

Since his inauguration, Collins has continued to defend 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.

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Lawyers for Collins released a statement expressing confidence he would be "completely vindicated and exonerated". Long sat on the House Energy and Commerce Committee, which addresses health policy.

A federal grand jury accused the Buffalo-area lawmaker of passing nonpublic information about a biotech company to his son, who traded on the information and passed it along to others.

According to the complaint, Collins learned on June 22, 2017 that a drug Innate was developing to treat multiple sclerosis had failed clinical trials.

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.

Collins was one of President Donald Trump's earliest supporters and acted as the congressional liaison for Trump's 2016 campaign.

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

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