Congressman Chris Collins Arrested For Insider Trading

Congressman Chris Collins Arrested For Insider Trading

Also charged were his son Cameron Collins, and Stephen Zarsky, the father of Cameron Collins' fiancée.

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

Collins has denied any wrongdoing.

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Collins is on the board of directors for the company.

Collins was an early Trump supporter and one of the president's liaisons in Congress.

In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court. They sold their stocks in the company before the public announcement, which caused the company's stock prices to drop by 92 percent.

Collins gained personal benefit and provided nonpublic information to his son Cameron Collins who sold almost $1.4 million of Innate Immunotherapeutics shares, according to a complaint filed by the Securities and Exchange Commission. "It is notable that even the government does not allege that Congressman Collins traded a single share [of Innate stock]".

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The House Ethics Committee had been investigating the allegations against Collins since August of 2017.

It is rare for prosecutors to indict a sitting elected official, particularly in an election year, and in the case of Collins, prosecutors at the Southern District of NY carefully weighed when to bring the charges, staying mindful of the upcoming election cycle in November, according to people familiar with the matter.

Collins found out about the failed drug trial before it became public - getting an email about the results while attending the congressional picnic at the White House a year ago, the indictment alleges. Collins, his son, Zarsky and others not named in the indictment, including Cameron Collins' fiancee, Zarsky's wife, Cameron Collins' friend and Zarsky's friend and brother, were able to prevent more than $768,000 in losses, prosecutors said in the indictment.

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