Congressman Collins indicted for insider trading and lying to federal agents
Written by WBTA STAFF on August 8, 2018
Photo provided by our news partner The Batavian
The Western New York Politician, his son and son’s future father in-law were all indicted this morning in Manhattan.
Republican Congressman Chris Collins has been charged along with his son Cameron and the son’s future father-in-law, with insider trading.
Collins who served on the board of directors of Innate Immunotherpeutics, an Australian biotechnology company is accused by federal prosecutors of tipping off his son to the results of a trial for a multiple sclerosis drug.
The drug failed and the company’s stock price dropped drastically when the results went public.
According to court records Collins and the others had made already made $768,000 before the news dropped.
The defendants are accused of securities fraud, wire fraud, conspiracy, and making false statements and Collins reportedly surrendered to federal agents in Manhattan this morning.
Attorneys for Collins issued a statement saying in part they “will mount a vigorous defense to clear his good name.” noting that he’s not been accused of trading a single share of Innate Therapeutics stock.
Collins is expected to appear in federal court later this afternoon and his lawyers said he will have more to say on this issue later today.
