GOP Rep. Chris Collins Indicted on Insider Trading Charges

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"This raises very serious questions as to when Congressman Collins knew about the drug's performance and who is responsible for the suspicious trading before the drug's failure was publicly known".

The indictment charged Collins, his son Cameron, and Stephen Zarsky, the father of Cameron Collins' fiancée, with securities fraud, wire fraud and other crimes.

They are said to have avoided at least $768,000 in potential losses by selling before the negative trial results were made public. The ethics committee announced in the release of the report that it would start a review of Collins.

In addition, Mr Collins' shares were held in Australia, unlike his son's shares, which could be traded in the U.S. market.

"Congressman Collins - who by virtue of his office helps to write the laws of our nation - acted as if the law didn't apply to him", said Geoff Berman, U.S attorney for the Southern District of NY, at a press conference.

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name", the statement read.

Collins bought another $1 million in Innate stock four months before that bill was signed into law, congressional financial disclosure records showed.

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

According to the indictment, the defendants tried to get early word on the results of tests by Innate Immunotherapeutics Limited.

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"Congressman Collins will have more to say on this issue later today".

A successful drug trial was needed before the drug could be sold commercially. Collins, per the indictment, served on the company's board of directors.

Mullin sits on the Health subcommittee of House Energy and Commerce alongside Collins. "How are these results even possible?"

Zarsky, too, allegedly traded on the inside knowledge and passed it along to yet more unnamed co-conspirators. He too then proceeded to tip others.

Rep. Chris Collins, a Republican representative from NY, has been arrested by the Federal Bureau of Investigation for securities fraud and wire fraud.

A year and a half into being president, Trump has gotten rid of two Cabinet secretaries over alleged ethical violations (Tom Price and Scott Pruitt); his national security adviser for lying about his Russian Federation contacts (Michael Flynn); a top White House aide over alleged allegations that he assaulted two of his ex-wives (Rob Porter); and he demoted his White House doctor who was accused of drinking on the job (Ronny L. Jackson, a holdover from the Obama administration) after the Senate wouldn't confirm Jackson to lead the Department of Veterans Affairs.

FBN's Ashley Webster on the indictment of Rep. Chris Collins, (R-N.Y.), on charges of insider trading.

Collins, a three-term incumbent representing New York's 27th congressional district, is facing re-election this fall.

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