Published: Wed, August 08, 2018
Global | By Shelia Dennis

Collins and son charged with insider trading

Collins and son charged with insider trading

Rep. Chris Collins, R-New York, was arrested Wednesday and charged with insider trading relating to an Australian biotechnology company, according to federal prosecutors.

Rep. Collins was a director of the company and also a major investor. Prosecutors say Cameron Collins then passed the information along to Zarsky, who made a trade.

"Yeah, on his stock tip", the same unnamed lawmaker replied, according to the Hill.

Since his inauguration, Collins has continued to defend Trump.

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The money will go toward the purchase of a riding lawnmower. "His eyebrows shot up into his forehead, and he was very excited". He added, "It's pretty low, despicable in my book and I can't believe someone would stoop that low to steal money from him".

The Republican congressman, who has served New York's 27th District since 2013, surrendered to federal agents in Manhattan on Wednesday morning and is expected to appear in federal court in lower Manhattan later in the day.

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. "We are confident he will be completely vindicated and exonerated", the statement reads. Long sat on the House Energy and Commerce Committee, which addresses health policy.

The Office of Congressional Ethics discovered there was "substantial reason to believe" Collins violated House rules and federal law by using inside information to make transactions with the company's stock.

The firm's stock plunged by more than 92% after it was revealed that a multiple sclerosis drug it was developing had failed trials.

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The company's stock price fell more than 90 percent after results of the drug trial were released publicly, the documents state.

He was one of the first members of Congress to officially endorse Donald Trump for president.

The U.S. attorney for the Southern District of NY plans to hold a press conference at noon to detail the charges against Collins and the two others.

Correction: This story originally misstated Collins sale of 4 million shares in Innate Immunotherapeutics between 2016 and 2018.

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