Published: Wed, August 08, 2018
Worldwide | By Isabel Fisher

GOP congressman busted for insider trading

GOP congressman busted for insider trading

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 passed nonpublic information about Innate's drug trial results to his son in order to help him "make timely trades in Innate stock and tip others", the indictment alleges.

According to the DOJ indictment, the charges are related to "securities of Innate Immunotherapeutics ... an Australian biotechnology company on whose board of directors Christopher Collins served".

The charges were announced and the indictment unsealed in New York City on Wednesday.

"Congressman Collins will have more to say on this issue later today", they added. During the tax reform debate, when his fellow New York GOP members of Congress were up in arms about a provision that would likely raise taxes on many New Yorkers, Collins voiced support for the plan. "It is notable that even the government does not allege that Congressman Collins traded a single share [of Innate stock]". "We are confident he will be completely vindicated and exonerated", the statement reads. Zarsky is also said to have made trades.

A news conference to detail the charge is scheduled for noon in Manhattan.

The advocacy group Public Citizen filed a request for an investigation of Collins' stock dealings with the Office of Congressional Ethics and the Securities and Exchange Commission in January of 2017.

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