New York Congressman Arrested On Insider Trading Charges
08 August, 2018, 20:26 | Author: Angel Logan
The U.S. Justice Department has announced insider trading charges against Rep. Chris Collins (R-Clarence), his son Cameron Collins and Stephen Zarsky, the father of Cameron Collins's fiancée.
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 was indicted on charges that he used inside information about a biotechnology company to make illicit stock trades. Both of those men traded on the tips before the results were public, and are also charged in the indictment.
Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock. Collins' value in Innate went from $25,000,001 to $1,000,001, according to his most recent financial disclosure.
Collins, who resigned in April from the Innate board, has denied wrongdoing. Collins allegedly shared non-public information about Innate Immunotherapeutics, an Australian drug company developing a drug to treat multiple sclerosis.
Rep. Collins was a director of the company and also a major investor.
Collins was one of President Trump's earliest congressional supporters, becoming the first member of the House to endorse Mr. Trump for president during the 2016 campaign.
The House Ethics Committee had been investigating the allegations against Collins since August of 2017.
Chris Collins, his son and Zansky avoided $768,000 in losses, according to the indictment.
According to the indictment, the elder Collins was not able to sell his stock because it was held in Australia, where trading had been halted in advance of the company's announcement. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement.
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