New York congressman indicted on insider trading charges

Elias Hubbard
August 8, 2018

The indictment (via Buzzfeed's Michael Hayes) charges Collins and his son with insider trading relating to securities of Innate Immunotherapeutics - an Australian biotech company.

BUFFALO, NY- Congressman Chris Collins (R-Clarence) was arrested Wednesday morning after a federal grand jury indicted him on insider trading charges as well as lying to federal agents. Mr. Collins was a member of Innate's board of directors and one of the company's largest shareholders, the indictment said.

Former Health and Human Services Secretary Tom Price was grilled during his confirmation hearing on whether he purchased stocks in Innate Immunotherapetutics after receiving a tip from Collins.

Collins has denied any wrongdoing.

Collins, who was the first sitting member of Congress to endorse Trump's presidential bid, surrendered this morning at his attorney's office in Manhattan, according to the Federal Bureau of Investigation. The charges were announced and the was indictment unsealed in New York City on Wednesday. The company developed a drug meant to treat Secondary Progressive Multiple Sclerosis. They say the son traded on the inside information and passed it to a third defendant, Stephen Zarsky.

The statement indicated that Collins would address the charges later on Wednesday. "It is notable that even the government does not allege that Congressman Collins traded a single share [of Innate stock]".

In a statement shared by the congressman's office, Collins' lawyers pledged to "mount a vigorous defense to clear his good name".

Other reports by Click Lancashire

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