New York Congressman Chris Collins Arrested on Insider-Trading Charges

Congressman Chris Collins Arrested For Insider Trading

Congressman Chris Collins Arrested For Insider Trading

The charges were announced and the was indictment unsealed in New York City on Wednesday. The allegation is that Collins told his son Cameron nonpublic information about the company's drug trials in order to facilitate "timely trades". His son, Cameron Collins, and Stephen Zarsky, the father of Cameron's fiancee, were also indicted on the same charges. Cameron Collins then allegedly traded on that inside information and passed it to Zarsky "so that they could utilize the information for the same objective", according to the indictment. Collins, his son and Zarksy are scheduled to be arraigned in Manhattan federal court at 2:30 p.m.

They added: "It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock". The case involved Innate Immunotherapeutics, an Australian biotech company. for which Collins served as a board member.

Charging documents said Innate was testing a drug called MIS416, to see if it was an effective treatment for Secondary Progressive Multiple Sclerosis.

The congressman, through his attorneys, denied any wrongdoing.

German couple convicted for selling son online for sex
In May 2015, the couple started abusing the woman's son, with the man at first offering the child cash. It said the mother was aware from the start of the man's pedophile tendencies and previous conviction.

On the day after the trial results were released, the company's stock lost 92 percent of its value.

Collins, who represents Buffalo's suburbs and counties in upstate NY, was the first House Republican to openly support Trump's bid for the party's nomination in the 2016 race, and he has remained a loyalist to the president.

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated". The outside, non-partisan Office of Congressional Ethics began a review of Collins' activity in March 2017 and voted to send its findings to the House ethics panel that July, which can formally launch investigations and recommend any sanctions against any lawmaker it determines has broken any rules.

This led to three trades, it is alleged, that helped the defendants avoid $768,000 United States in losses.

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