GOP Rep. Chris Collins Hit With Insider Trading Charges

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The indictment charges Collins with notifying his son, Cameron Collins, of the failed test just minutes after he learned the news.

USA prosecutors on Wednesday said Chris Collins, a Republican congressman from Western New York, has been indicted for insider trading in connection with the securities of Australian biotechnology company Innate Immunotherapeutics Ltd.

A federal grand jury accused the Buffalo-area lawmaker of passing nonpublic information about a biotech company to his son, who traded on the information and passed it along to others. His son, Cameron Collins, and Stephen Zarsky, the father of Cameron's fiancee, were also indicted on the same charges.

Chris Collins is a three-term Republican incumbent who represents New York's 27th Congressional District.

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Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock. The charges were announced and the indictment unsealed on Wednesday, Aug. 8, 2018.

Successful completion of the trial was necessary for commercialization of the production in the US, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment. Collins, 68, was charged with conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud and making false statements, according to the indictment.

Price said he never received information that could be considered a stock tip and denied any wrongdoing.

Collins, who represents the suburbs of Buffalo and rural counties in upstate NY, became the first House Republican to endorse Donald Trump's bid for the Republican presidential nomination. "Congressman Collins will have more to say on this issue later today". When the House's ethics committee began investigating the stock trades a year ago, his spokesperson called it a "partisan witch hunt".