Sunday, 19 August, 2018

GOP Congressman Chris Collins Arrested, to Be Indicted on Insider Trading Charges

Congressman Chris Collins Arrested For Insider Trading NY Republican Chris Collins Arrested for Fraud
Ebony Burgess | 08 August, 2018, 20:28

The fraud counts relate to securities of an Australian biotechnology company called Innate Immunotherapeutics, where the congressman served on the board. Collins is accused of telling his son and his son's father-in-law about the disappointing results ahead of the public announcement, leading them to unload stocks before the drop.

An indictment from a grand jury also charges Collins's son, Cameron Collins, and Stephen Zarsky, the father of his fiancee. The indictment says the trades allowed Cameron Collins and others to avoid more than $768,000 in losses.

A grand jury indictment accuses Collins of supplying non-public information to investors regarding a bio-technology company based in NY. "It is notable that even the government does not allege that Congressman Collins traded a single share [of Innate stock]". Neither has responded to requests for comment since the Collins indictment was handed up.

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.

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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Price said he never received information that could be considered a stock tip and denied any wrongdoing. Price and Collins purchased almost $1 million in discounted stock in the company.

Collins, who is one of the wealthiest members of Congress, was the first member to publicly endorse Donald Trump during the 2016 presidential campaign.

Lawyers for Collins released a statement expressing confidence he would be "completely vindicated and exonerated".

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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