GOP Rep. Chris Collins Hit With Insider Trading Charges

Clay Curtis
August 8, 2018

Rep. Chris Collins (R-N.Y.), the first member of Congress to endorse President Donald Trump's presidential bid, was arrested on Wednesday and charged with securities fraud, NBC News reported.

The insider trading crimes concern Innate Immunotherapeutics, an Australian biotech firm in which both Collins men were major shareholders. Attorneys for Collins said they would "mount a vigorous defense to clear his good name".

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

The advocacy group Public Citizen filed a request for an investigation of Collins' stock dealings with the Office of Congressional Ethics and the Securities and Exchange Commission in January of 2017.

Since his inauguration, Collins has continued to defend Trump.

Collins, 68, is set to appear in Manhattan federal court Wednesday afternoon.

Lawyers for Collins released a statement expressing confidence he would be "completely vindicated and exonerated".

Chris Collins surrendered to federal agents in NY on Wednesday to face insider trading charges.

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When that drug failed a clinical trial in Australia, the company's stock plummeted.

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.

Collins reportedly surrendered to federal agents in Manhattan this morning and was taken into custody. When the House's ethics committee began investigating the stock trades a year ago, his spokesperson called it a "partisan witch hunt".

Before the drug trial results were released publicly on June 26, Cameron Collins made more that 50 trades in Innate stock and sold almost 1.4 millions shares, the documents state.

"One of my father's best friends died of MS, and we have a family friend with multiple sclerosis, so I'm always on the lookout for breakthroughs on treating MS".

Cameron Collins relayed the information about the failed drug trial to others, including his fiancee and her family, the documents state.

They are said to have avoided at least $768,000 in potential losses by selling before the negative trial results were made public.

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