READ: Chris Collins Insider Trading Indictment Court Documents

08 August, 2018, 20:29 | Author: Lucy Floyd
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The charges were announced and the was indictment unsealed in New York City on Wednesday.

Chris Collins, a Republican congressman from NY, was arrested Wednesday on insider trading charges, federal prosecutors announced.

The 30-page complaint highlights that the congressman both received the information about the failed drug trial from the company's CEO and then repeatedly dialed his son, Cameron Collins, while the elder Collins was attending the annual congressional picnic at the White House on June 22, 2017.

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Also charged is Collins's son, Cameron Collins, and the father of Cameron's fiancee, Stephen Zarsky. Cameron Collins in turn allegedly tipped off Zarsky and others. Collins, his son and Zarksy are scheduled to be arraigned in Manhattan federal court at 2:30 p.m.

The Office of Congressional Ethics recommended the House ethics committee dismiss a third charge against Collins regarding a discount he received on a private sale of Innate stock because he was a member of Congress. Collins was the first sitting member of Congress to endorse Donald Trump's presidential bid.

Collins has denied any wrongdoing. Collins, per the indictment, served on the company's board of directors.

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Attorneys for Chris Collins released a statement Wednesday morning, noting that the congressman would say more on the issue later in the day.

The men illegally traded securities involving Innate Immunotherapeutics, an Australian biotechnology company, Manhattan US Attorney Geoffrey Berman's office said.

Collins's lawyers say they will clear Collins' "good name" and cite the indictment's lack of any allegation that Collins himself "traded a single share of Innate Therapeutics stock". When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent. When the House Ethics Committee began investigating the stock trades a year ago, his spokeswoman called it a "partisan witch hunt".

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