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New York Congressman Chris Collins Indicted on Insider Trading Charges

New York Congressman Chris Collins Indicted on Insider Trading Charges”

"Congressman Collins will have more to say on this issue later today", they added.

Rep. Chris Collins, a Republican representative from NY, has been arrested by the Federal Bureau of Investigation for securities fraud and wire fraud.

According to the indictment, after Collins learned a trial regarding a drug to treat multiple sclerosis failed, he contacted his son, who traded on the information.

The indictment also names his son, Cameron Collins, and Stephen Zarsky, the father of his son's fiancée.

According to the newly-unsealed indictment, timely sales based on inside information allowed Cameron Collins, Zarsky and others to avoid losses totaling more than $768,000 when the biotech company, Innate Immunotherapeutics Limited, failed a key clinical trial in June of past year. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate.

Collins has denied any wrongdoing. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement.

In total, the indictment alleges that the insider trading scheme helped the defendants "avoid over $768,000 in losses that they would have otherwise incurred if they had sold their stock in Innate" after the nonpublic information had been released.

Former Health and Human Services Secretary Tom Price was grilled during his confirmation hearing on whether he purchased stocks in Innate Immunotherapetutics after receiving a tip from Collins.

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.



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