Published: Wed, August 08, 2018
Global Media | By Jackie Banks

GOP congressman busted for insider trading

GOP congressman busted for insider trading

Chris Collins surrendered to federal agents in NY on Wednesday to face insider trading charges.

Western New York Republican Congressman Chris Collins has been indicted on insider trading charges, according to court documents unsealed in Manhattan federal court on August 8.

The indictment charges Collins, the congressman's son and the father of the son's fiance, with conspiracy, wire fraud and other counts.

The indictment claims that, after receiving this email, Collins then called his son, Cameron Collins, to inform him of the drug's failure - despite "knowing that it was in breach of his duties to Innate". A press conference is scheduled for noon on Wednesday.

They added: "It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock".

The statement indicated that Collins would address the charges later on Wednesday.

Collins was the biggest investor in the company, which is developing treatments for multiple sclerosis, and he reportedly was pitching it as a good investment to friends and House colleagues.

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Multiple GOP lawmakers told The Hill a year ago 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.

Collins has denied any wrongdoing.

Collins was one of President Donald Trump's earliest supporters and acted as the congressional liaison for Trump's 2016 campaign.

On the day after the trial results were released, the company's stock lost 92 percent of its value.

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

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated".

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.

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