Published: Wed, August 08, 2018
World News | By Laverne Osborne

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

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

The indictment is tied to securities of an Australian biotechnology company, Innate Immunotherapeutics where Collins has served on the board of directors.

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

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

Since his inauguration, Collins has continued to defend Trump. "We are confident he will be completely vindicated and exonerated", the statement reads.

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Owens, using the common theme "this is for you" while thanking his supporters, addressed about 3,000 family members, friends and fans inside McKenzie Arena.

Also charged with insider trading in the indictment is Collins' son, Cameron, and Stephen Zarsky, the father of Cameron Collins' fiancée, according to the U.S. Attorney's Office in the Southern District of NY. Reps. John Culberson of Houston and Mike Conaway of Midland had also bought shares in the firm, though they apparently didn't dump shares shortly before the price crashed - unlike Collins' son, whose well-timed sale is at the heart of the insider trading case.

Successful completion of the trial was necessary for commercialization of the production in the USA, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment. When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent.

The report said "there is a substantial reason to believe that Representative Collins shared material, non public information in the purchase of Innate stock, in violation of House rules, standards of conduct, and federal law". When the House's ethics committee began investigating the stock trades a year ago, his spokesperson called it a "partisan witch hunt".

Cameron Collins relayed the information about the failed drug trial to others, including his fiancee and her family, the documents state. In 2012, Congress passed the STOCK Act to make it illegal for members of Congress to buy and sell stocks based off information they receive as a result of their government position.

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