N.Y. Rep. Chris Collins arrested on insider trading charges

  • N.Y. Rep. Chris Collins arrested on insider trading charges

N.Y. Rep. Chris Collins arrested on insider trading charges

While the drug failed testing tanked the company's share price by 92 percent, Collins' tip allowed all three men to avoid almost $800,000 in losses, according to the indictment.

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

Chris Collins was arrested by the Federal Bureau of Investigation on insider trading charges.

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.

"Many Republican leaders are struggling to come to terms with Donald Trump as their party's nominee: Some are declining to immediately endorse him, while others say outright that they won't support him and are searching for a third-party alternative to back this fall", RealClearPolitics wrote in the piece.

An Office of Congressional Ethics report earlier this year found that Collins may have violated federal law by sharing nonpublic information with investors of the Australian pharmaceutical company.

"We will answer the charges filed against Congressman Collins in court and will mount a vigorous defense to clear his good name", the lawyers said.

"We are confident he will be completely vindicated and exonerated", they said in a statement.

The attorneys note that Rep. Collins is not accused of selling any of his own shares, which lost 92 percent of their value after the adverse results of the clinical trial were released.

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. He also served on Trump's transition team.