NY congressman arrested on insider trading charges

NY congressman arrested on insider trading charges

Multiple GOP lawmakers told The Hill past 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.

Republican Rep. Christopher Collins of NY has been charged with using inside information about a biotechnology company to make illicit stock trades.

Collins passed nonpublic information about Innate's drug trial results to his son in order to help him "make timely trades in Innate stock and tip others", the indictment alleges.

The charges were announced and the indictment unsealed in New York City on Wednesday.

Also charged were his son Cameron Collins, and Stephen Zarsky, the father of Cameron Collins' fiancée.

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"The indictment relates to Australian biotech company Innate Immunotherapeutics, on which Collins served as a board member". We are confident he will be completely vindicated and exonerated.

Attorneys representing Collins released the following statement on Wednesday: "We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name". The stock price rose as media reported on the men's holdings in the Australian company.

Collins was the first congressman to endorse Donald Trump's 2016 presidential campaign, and has been a loyal defender of Trump's agenda on Capitol Hill.

"Throughout my tenure in Congress I have followed all rules and ethical guidelines when it comes to my personal investments", Collins said in an statement when he resigned.

Prosecutors say the three avoided over $768,000 in losses by trading ahead of the public announcement of the failed drug trials.

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