Rep. Chris Collins Arrested by Federal Bureau of Investigation for Securities Fraud

Geneva Stokes
August 8, 2018

The indictment also charged Collins's son, Cameron Collins, as well as Stephen Zarsky, the father of Cameron Collins's fiancée.

The men illegally traded securities involving Innate Immunotherapeutics, an Australian biotechnology company, Manhattan US Attorney Geoffrey Berman's office said.

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.

The congressman's office issued a statement from his attorneys saying, "We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name".

Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock.

The pro-Trump politician, who is up for re-election in November, has been a member of Congress since 2013, representing suburban and rural areas around the New York State city of Buffalo.

Federal law enforcement officials on Wednesday said Rep.

The trades allowed the Collinses, Zarsky and others "to avoid over $768,000 in losses that they would have otherwise incurred" if they sold the stock after the announcement, according to the indictment.

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

Collins served as a board member for Innate Immunotherapeutics, a Sydney-based firm that tried to develop a drug to fight advanced multiple sclerosis.

The feds say Collins found out about the drug trial failure while he was attending the Congressional picnic at the White House in June of 2017.

Collins, who was first elected in 2012, threw his support behind Trump in February 2016, becoming the first Congressional Republican to endorse the future president.

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

Collins has denied any wrongdoing.

"While his guilt or innocence is a question for the courts to settle, the allegations against Rep Collins demand a prompt and thorough investigation by the House Ethics Committee", Mr Ryan said, according to the Washington Post.

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

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