The 30-page complaint highlights that the congressman both received the information about the failed drug trial from the company's CEO and then repeatedly dialed his son, Cameron Collins, while the elder Collins was attending the annual congressional picnic at the White House on June 22, 2017. Collins, his son, Zarsky and others not named in the indictment, including Cameron Collins' fiancee, Zarsky's wife, Cameron Collins' friend and Zarsky's friend and brother, were able to prevent more than $768,000 in losses, prosecutors said in the indictment.
Rep. Chris Collins (R-NY) was arrested and indicted on federal insider trading charges Wednesday. "It is notable that even the government does not allege that Congressman Collins traded a single share [of Innate stock]".
Collins is estimated to be the 13th wealthiest member of Congress, with a projected net worth of $44 million.
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The Australia-based biotech company is trying to develop a treatment for multiple sclerosis.
The congressman, through his attorneys, denied any wrongdoing. Reps. John Culberson of Houston and Mike Conaway of Midland had also bought shares in the firm, though they apparently didn't dump shares shortly before the price crashed - unlike Collins' son, whose well-timed sale is at the heart of the insider trading case.
Collins, who was first elected in 2012, threw his support behind Trump in February 2016, becoming the first Congressional Republican to endorse the future president. We are confident he will be completely vindicated and exonerated. When the House's ethics committee began investigating the stock trades a year ago, his spokesperson called it a "partisan witch hunt".
The company's stock price fell more than 90 percent after results of the drug trial were released publicly, the documents state.