GOP Rep. Chris Collins charged with insider trading

GOP Rep. Chris Collins charged with insider trading

Collins, 68, was charged with conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud and making false statements, according to the indictment.

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 was indicted along with his son, Cameron, and Stephen Zarsky, the father of Cameron's fiance.

Rep. Chris Collins, one of the wealthiest members of Congress, was arrested on charges insider trading on Wednesday.

The U.S. Attorneys Office declined to offer more details to The Hill.

A grand jury indictment accuses Collins of supplying non-public information to investors regarding a bio-technology company based in NY.

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They added: "It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock".

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated".

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 past year, the indictment alleges. The allegation is that Collins told his son Cameron nonpublic information about the company's drug trials in order to facilitate "timely trades".

Collins was one of President Donald Trump's earliest supporters and acted as the congressional liaison for Trump's 2016 campaign. Collins learned about the failure of a multiple sclerosis drug trial, MIS416, and passed on that information before that information was released publicly, prosecutors said.

The men illegally traded securities involving Innate Immunotherapeutics, an Australian biotechnology company, Manhattan US Attorney Geoffrey Berman's office said. They sold their stocks in the company before the public announcement, which caused the company's stock prices to drop by 92 percent.

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