Rep. Chris Collins charged with insider trading, federal prosecutors announce

Federal prosecutors on Wednesday arrested Rep. Chris Collins (R-N.Y.) on insider trading charges.

Collins, the first member of Congress to endorse President Trump, is accused of tipping off his son, Cameron Collins, about confidential corporate information he heard at a congressional picnic at the White House last year.

Collins allegedly heard that Innate Immunotherapeutics, a biotechnology company, had received disappointing news regarding a key drug trial, and frantically passed it on to his son.

Hours after he was released on $500,000 bond, Collins called the charges against him “meritless” and said he would stay on the ballot in November. “I look forward to being fully vindicated and exonerated,” Collins said at a brief news conference in Buffalo. “I will mount a vigorous defense to clear my name.”

Cameron Collins and several others used the tip to avoid more than $700,000 in losses, prosecutors said. Rep. Collins turned himself in to the FBI. He later told a judge in a Manhattan federal court, “I plead not guilty,” and his lawyers said he would be “vindicated and exonerated.”

Read More
%d bloggers like this: