Tuesday, 16 October, 2018

Republican congressman from New York indicted on securities fraud charges

Congressman Chris Collins Arrested For Insider Trading NY Republican Chris Collins Arrested for Fraud
Ray Hunter | 08 August, 2018, 20:24

Rep. Chris Collins (R-N.Y.) has been arrested by the Federal Bureau of Investigation for insider trading related to an Australian biotechnology company.

Prosecutors say the charges relate to a scheme to gain insider information about Innate Immunotherapeutics Limited, a biotechnology company headquartered in Sydney, Australia, with offices in Auckland, New Zealand.

"At the time Christopher Collins, the defendant, received this email, he was attending the Congressional Picnic at the White House", the indictment says.

"Yeah, on his stock tip", the same unnamed lawmaker replied, according to the Hill. Collins was the first sitting member of Congress to endorse Donald Trump's presidential bid.

Since his inauguration, Collins has continued to defend Trump.

Collins' seat was considered vulnerable even before the charges were announced, and he was targeted in a push by Andrew Cuomo, the governor, and other New York Democrats seeking to unseat him as the party looks to take control of the House of Representatives in November's midterm elections.

'It was just mayhem': Aussie tourist reveals quake terror in Indonesia
He told Sunrise they were also in a Bali last week when the 6.4 magnitude quake struck but said this one felt a lot bigger. Thousands of homes and buildings were damaged. "Lots of cracks, fallen doors".

The Office of Congressional Ethics recommended the House ethics committee dismiss a third charge against Collins regarding a discount he received on a private sale of Innate stock because he was a member of Congress.

"We are confident he will be completely vindicated and exonerated", they said in a statement.

The indictment charges Collins with notifying his son, Cameron Collins, of the failed test just minutes after he learned the news. Collins is accused of telling his son and his son's father-in-law about the disappointing results ahead of the public announcement, leading them to unload stocks before the drop.

This led to three trades, it is alleged, that helped the defendants avoid $768,000 United States in losses. Cameron is then alleged to have sold the shares - avoiding a loss of approximately $750,000.

"One of my father's best friends died of MS, and we have a family friend with multiple sclerosis, so I'm always on the lookout for breakthroughs on treating MS".

According to the inducement, Collins was shocked when he was informed about the drug's failed trial.

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