GOP Rep. Christopher Collins of NY charged with insider trading

Facebook

Rep. Chris Collins (R-NY), the Trump-loving lawmaker who was arrested on Wednesday on insider trading charges, was allegedly at the White House when he broke the law.

Collins' son Cameron and Stephen Zarsky, the father of Cameron Collins' fiancée, were also listed as defendants. The case involved Innate Immunotherapeutics, an Australian biotech company. for which Collins served as a board member.

Prosecutors at the US Attorney's Office for the Southern District of NY alleged in a complaint that Collins and the other defendants used nonpublic information about the results of a drug trial to trade on the stock of the pharmaceutical company, Innate Immunotherapeutics Limited, of which Collins was a board member.

He added that the U.S. Attorney's Office for the Southern District will give a press conference on the arrest at noon.

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

The third-term congressman, who represents parts of Buffalo and Rochester, was due to appear in court later today. McMurray, the Grand Island Town Supervisor, does not have a lot money, but "may stand a chance" to win the 27th Congressional District seat, said Republican Erie County Legislator Kevin Hardwick. The charges were announced and the indictment unsealed on Wednesday, Aug. 8, 2018.

The firm's stock plunged by more than 92% after it was revealed that a multiple sclerosis drug it was developing had failed trials.

More news: Here's How The Bachelorette Is Handling Garrett's Social Media Scandal

This led to three trades, it is alleged, that helped the defendants avoid $768,000 USA in losses. Price said he never received information that could be considered a stock tip and denied any wrongdoing.

The congressman's shares of Innate were held in Australia, preventing him from selling the stock before the announcement sank its value. Cameron is then alleged to have sold the shares - avoiding a loss of approximately $750,000.

Collins' attorneys said they plan to "mount a vigorous defense to clear his good name".

Collins is estimated to be the 13th wealthiest member of Congress, with a projected net worth of $44 million.

Christopher Collins had reportedly been interviewed by the watchdog 17 days earlier. When the House's ethics committee began investigating the stock trades a year ago, his spokesperson called it a "partisan witch hunt".

Many of Collins's congressional colleagues also bought shares in Innate, including Representatives Mike Conaway of Texas and Doug Lamborn of Colorado.

Related News:



Most liked

Kudlow: Squeeze won't ease; China preps more tariffs
Answering a reporter's question about what was specifically said on trade, Wang said: "We did not speak in such details". The president said Sunday his tariffs are working and will lead to better trade deals for the United States.

Star witness Rick Gates to testify for third day in Manafort trial
Gates also said he may have submitted personal expenses for reimbursement by Trump's inaugural committee, which he helped operate. Manafort's political work included advising Viktor Yanukovich on policy after he won the Ukrainian presidency, Gates said.

Actor Steven Seagal Appointed Russian Ministry’s As ‘Special Representative’
Steven Seagal , a martial artist, is popular in Europe and Russian circles for his action movies. The actor attended Putin's recent swearing-in ceremony in May.

Karunanidhi’s death: Two foreigners join DMK cadre to shout slogans
The transition from Annadurai to Karunanidhi is a rallying point not just for the DMK, but also for the state's politics. On Sunday, President Ramnath Kovind visited the former Chief Minister at the hospital and wished him speedy recovery.

Viral Video Shows Brooklyn Nail Salon Workers Hitting Woman With A Broom
Police later charged Huiyue Zheng , 32 of Brooklyn, with assault, menacing, criminal possession of a weapon and harrassment. Prosecutors are now reviewing additional evidence and may later alter those charges, the station reported.

Browns Return in Corey Coleman Trade Proves They're Still a Joke
The Bills lack proven depth at receiver behind starter Kelvin Benjamin . "There's nothing guaranteed here", Beane said. He recorded 23 receptions for 305 yards and two touchdowns in 2017 after being drafted by the Browns in 2016.

Northern California blazes now largest in state history
In Shasta County, the Carr fire located near Redding, California has burned entire neighborhoods and forced thousands to flee. Authorities say twin blazes rapidly spreading in Northern California have become the state's largest wildfire in history.

Khabib vs McGregor set for October 6
Last month he was sentenced to five days of community service in the United States after pleading guilty to disorderly conduct. Conor McGregor has confirmed his return to the UFC with a fight against hated rival Khabib Nurmagomedov .

Trump insists Trump Tower meeting 'totally legal'
Trump, on a working vacation at his New Jersey golf club, began Sunday with a series of searing tweets. But pundits suggested he might have tripped himself up with that statement.

Sarri 'very confident' Willian set for Chelsea stay
Bournemouth will be hoping to wrap up the signing of Colombian defensive midfielder Jefferson Lerma for a club-record fee. His agent Christophe Henrotay had revealed that he had told Chelsea that Courtois wanted to go to Real Madrid .

Switzerland crash: 20 dead in WW2 plane crash
He said officials have essentially ruled out a collision with another aircraft or hitting an obstacle such as a wire. The aircraft crashed about 2540m above sea level, on the western side of a 3000m peak called Piz Segnas.

Trump could raise tariffs further on Chinese goods
Officials said they remained in regular contact with their Chinese counterparts but could announce no new meeting. Commerce Secretary Wilbur Ross downplayed the impact of the tariffs on the American economy.

Alisson to make Liverpool debut in Napoli friendly, says Klopp
Napoli in their pre-season friendly on Saturday evening (6pm BST), live online and on TV around the world. And Virgil Van Dijk made sure to show his appreciation to Alisson for starting off the move.

Archives Can't Deliver Reams of Kavanaugh Docs Fast Enough for GOP
Grassley had requested the documents to begin rolling production by August 1, to be completed by August 15. He further complained about what he called "dumbass" partisanship over Kavanaugh's nomination.

Kohli holds firm in 1st Test thriller after Curran revives England
Indian captain Virat Kohli (left) and Dinesh Karthik leave the field at stumps on day three of the first test against England . Middlesex left-hander Dawid Malan arguably "owed" England a big score after dropping Kohli in the slips on 21 and 51.