Republican New York Rep. Chris Collins Charged With Insider Trading: DOJ

Rep. Chris Collins R-NY. speaks in Cleveland

Rep. Chris Collins R-NY. speaks in Cleveland

Rep. Chris Collins is facing federal charges related to alleged insider trading, according to a breaking news report from CNBC.

Cameron Collins is accused of passing on that information to his fiancee's father, Stephen Zarsky, and others, who also benefited financially from the insider knowledge.

The fraud counts relate to securities of an Australian biotechnology company called Innate Immunotherapeutics, where the congressman served on the board.

Attorneys representing Collins said in response to the indictment that they are confident the congressmen will be "completely vindicated and exonerated", NBC producer Alex Moe reported.

Rep. Chris Collins (R., N.Y.) was arrested by the Federal Bureau of Investigation on Wednesday and indicted on charges related to securities fraud. The probe made a similar finding about a 2013 meeting Collins attended at the National Institutes of Health, where he asked staff to meet with the Australian company about clinical trial designs.

It is rare for prosecutors to indict a sitting elected official, particularly in an election year, and in the case of Collins, prosecutors at the Southern District of NY carefully weighed when to bring the charges, staying mindful of the upcoming election cycle in November, according to people familiar with the matter.

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The statement indicated that Collins would address the charges later on Wednesday.

The congressman is accused of tipping off his son about the results of Innate's failed drug trial before the results were publicly released in June 2017.

Collins was one of President Donald Trump's earliest supporters and acted as the congressional liaison for Trump's 2016 campaign.

According to the indictment, the elder Collins was not able to sell his stock because it was held in Australia, where trading had been halted in advance of the company's announcement.

"Congressman Collins will have more to say on this issue later today".

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