Published: Wed, August 08, 2018
Worldwide | By Lisa Hogan

GOP congressman Chris Collins indicted on insider trading charges

GOP congressman Chris Collins indicted on insider trading charges

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.

Collins, who was the first sitting member of Congress to endorse Donald Trump's presidential bid, surrendered Wednesday morning at his attorney's office in Manhattan, according to the Federal Bureau of Investigation. Cameron Collins, son of the 68-year-old legislator, was also arrested, along with Stephen Zarsky, whose daughter is engaged to the younger Collins.

Rep. Chris Collins is facing federal charges related to alleged insider trading, according to a breaking news report from CNBC.

A GOP congressman from NY is arrested and facing charges related to insider trading.

The U.S. Attorneys Office declined to offer more details to The Hill.

Chris Collins is a three-term Republican incumbent who represents New York's 27th Congressional District. "It is notable that even the government does not allege that Congressman Collins traded a single share [of Innate stock]".

"We are confident he will be completely vindicated and exonerated", they said in a statement. "This follows the company previously suggesting a great response to its drug and touting that it stood to generate as much as $3 billion in profits in this country alone", Slaughter said in a statement.

A federal grand jury accused the Buffalo-area lawmaker of passing nonpublic information about a biotech company to his son, who traded on the information and passed it along to others.

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

Prosecutors say that Collins improperly traded on inside information from the Australian drug company Innate Immunotherapeutics Limited, on whose board he served.

The House Ethics Committee had been investigating the allegations against Collins since August of 2017.

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