Thursday, 16 August, 2018

NY Rep. Christopher Collins indicted on securities fraud charges

Congressman Chris Collins Arrested For Insider Trading NY Republican Chris Collins Arrested for Fraud
Glenn Montgomery | 08 August, 2018, 20:27

Collins, 68, was arrested and charged along with his son Cameron Collins and another defendant for their role in illegal trading of stock in Australian biotechnology firm Innate Immunotherapeutics, where the elder Collins was a board member, according to the indictment released by the US Attorney for the Southern District of NY.

Collins' latest sale of Innate Immunotherapeutics holdings was on June 20, 2018 and valued between $15,000 and $50,000 according to House periodic transaction reports.

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

The House Ethics Committee investigated Collins' ties to the Australian biotechnology company in 2017 after the Office of Congressional Ethics, an independent watchdog group, recommended the committee launch a full investigation.

Since his inauguration, Collins has continued to defend Trump.

A news conference to detail the charge is scheduled for noon in Manhattan. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock. "We are confident he will be completely vindicated and exonerated", the statement reads. He serves on the Health subcommittee of House Energy and Commerce. Collins was indicted on charges that he used inside information about a biotechnology company to make illicit stock trades.

When that drug failed a clinical trial in Australia, the company's stock plummeted.

Collins, who was first elected in 2012, threw his support behind Trump in February 2016, becoming the first Congressional Republican to endorse the future president.

On the day after the trial results were released, the company's stock lost 92 percent of its value. They avoided losing $768,000, according to the indictment.

He and the other defendants are charged with securities and wire fraud, conspiracy and lying to investigators.

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

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