GOP congressman busted for insider trading

Chris Collins

Rep. Chris CollinsChristopher (Chris) Carl CollinsTrump tweet may doom House GOP effort on immigration House GOP discharge petition supporter says he likely won't sign a second one Live coverage: High drama as hardline immigration bill fails, compromise vote delayed MORE (R-N.Y.) has been arrested and charged with insider trading by the Justice Department.

The indictment (via Buzzfeed's Michael Hayes) charges Collins and his son with insider trading relating to securities of Innate Immunotherapeutics - an Australian biotech company.

Collins, who was one of President Donald Trump's first congressional endorsers, has been under scrutiny for the a year ago for potential insider trading of shares of Innate Immunotherapeutics, a company where Collins himself is the largest majority shareholder.

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

His district covers parts of western NY between Buffalo and Rochester. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock.

Lawyers for Collins released a statement expressing confidence he would be "completely vindicated and exonerated". He is scheduled to appear in Federal court later today.

Collins' attorneys said they plan to "mount a vigorous defense to clear his good name". Zarsky is also said to have made trades. They say Zarsky traded on it and tipped off at least three others.

The House Ethics Committee investigated Collins' ties to the Australian biotechnology company in 2017 after the Office of Congressional Ethics, an independent watchdog group, recommended the committee launch a full investigation.

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

Related:

  • Snap Reports First Drop in Snapchat Daily Users, Saudi Prince Takes Stake

    Snap Reports First Drop in Snapchat Daily Users, Saudi Prince Takes Stake

    Snapchat has experienced a string of declines after lackluster earnings reports since going public in March 2017. Snapchat responded with a few design tweaks to appease users, such as making it easier to find Stories.
    True Love Exists!

    True Love Exists!

    Moreover, for the first time, Ivy and David even did not see each other, due to the fact that their communication was online. It should be noticed that these two people began relations just as friends, as they lived in different countries.
    Wise casino advices

    Wise casino advices

    Tips casino players online You need to understand the difference between traditional casinos and online casinos. Still, the main goal, anyway, is to get a prize and the opportunity to become rich without putting an effort.
  • City of Lies: Johnny Depp's Notorious BIG film shelved

    City of Lies: Johnny Depp's Notorious BIG film shelved

    Not long after that lawsuit was filed, the actor settled a $25 million fraud suit with his former business managers. The film was directed by Brad Furman .
    Global Resource Coin

    Global Resource Coin

    In addition, from the year 2018 GRC’s cryptocurrency rate is expected to grow due to its social usefulness and relevance. In order to do this, you need to have a considerable amount of money, a special financial education and a special license.
    Microgaming’s vision of the future with virtual reality

    Microgaming’s vision of the future with virtual reality

    It is true that this is only a prototype and Microgaming has yet to actually make a huge cultural impact with a device like this. At the moment, players are basically projected into a virtual reality world through the use of this technology.
  • Trump administration moves ahead with new round of tariffs on Chinese imports

    However, analysts still expect a less favourable trade balance for China in coming months given it's early days in the tariff brawl.
    Transcript of Parkland shooter's confession released to public

    Transcript of Parkland shooter's confession released to public

    He said he bought the rifle because it was "cool looking". "When you see me on the news, you'll all know who I am", he said. A lawyer for the Sun Sentinel declined to comment, and no hearing has been set before Circuit Judge Elizabeth Scherer.
    Gifts for casinos fans

    Gifts for casinos fans

    When it comes to novice players, they will be fully satisfied with a small table for the poker with the value of about $ 250. Oh, and if you don’t want to pay for the table a lot of money, and know how to use tools, you can make it by yourself.
  • China warns of tariffs on imported US goods worth $60bn

    China warns of tariffs on imported US goods worth $60bn

    Concerns about the trade war have already affected China's currency, which has fallen nearly 9% against the dollar since April. The new China tariffs on the US will impact metals, chemicals, and agriculture-related items.
    Angelina Jolie wants divorce finalized by end of 2018

    Angelina Jolie wants divorce finalized by end of 2018

    Pitt was later provided with cell phone numbers for each child, in order to text and call them without Jolie's supervision. The divorce proceedings between the former Hollywood couple have been bitter - and played out publicly - in recent months.
    Barack Obama’s Birthday Officially Celebrated As A Holiday In Illinois

    Barack Obama’s Birthday Officially Celebrated As A Holiday In Illinois

    The bill was signed into law on August 6, 2017, making this year the first time it's actually celebrated. John Legend, who is now in Indonesia with Chrissy Teigen, also dedicated a post to Barack.

Comments

Other news