New York Congressman Collins indicted for insider trading of biotech stocks

Rep. Chris Collins, R-New York, has been indicted on charges of insider trading related to his holdings in biotechnology stocks.

Collins, who served on the board of directors of Australian company Innate Immunotherapeutics, possessed nonpublic information and shared it with his son and others, including his son’s fiancée’s father, the U.S. Department of Justice alleges. Collins provided a tip about the results of an upcoming drug trial before it was public, saving the Congressman’s son, Cameron Collins, and the father of Cameron Collin’s fiancée, Stephen Zarsky, approximately $768,000.

Furthermore, the three allegedly made false statements to the FBI to cover up their participation in inside trading. All three are charged with conspiracy, securities fraud, wire fraud and making false statements to the FBI. All three have pleaded not guilty.

Collins was the first Republican in Congress to support President Donald Trump’s candidacy and is known for being loose-lipped with the media, Vox reported.