GOP congressman busted for insider trading

Share
GOP congressman busted for insider trading

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.

According to the indictment, Collins, a member of Innate's board of directors and one of its largest shareholders, had access to non-public information about its primary business - the development of a drug meant to treat a form of multiple sclerosis. According to The New York Times, Collins is accused of selling his stock in the company before a failed test result for one of its drugs was made public. They say the son traded on the inside information and passed it to a third defendant, Stephen Zarsky.

The indictment could rock Capitol Hill, The Hill newspaper reported in June 2017 that Collins bragged about making members of Congress money via tips about the Australian biotech company.

Collins, one of President Donald Trump's strongest congressional allies, remains under investigation by the committee, which has the power to sanction lawmakers.

Lawyers for Collins released a statement expressing confidence he would be "completely vindicated and exonerated".

"We will answer the charges filed against Congressman Collins in court and will mount a vigorous defense to clear his good name", his attorneys, Jonathan Barr and Jonathan New, said in a statement Wednesday.

Chris Collins, his son and Zansky avoided $768,000 in losses, according to the indictment.

Collins, who resigned in April from the Innate board, has denied wrongdoing.

His district covers parts of western NY between Buffalo and Rochester.

Share

Advertisement

Related Posts

Why Gambling Is Better than Sports Betting
Additionally, they can use these versions to practice various strategies to see which one will earn them the best winning chances. These versions give the gambler a chance to sift through the games to find the best one that resonates with their style.

3 Secrets of Innovation Development by Max Polyakov
Also, the investor should never forget that even the biggest amount of invested resources doesn’t guarantee a success. One of the recent examples is the mass closing of brick-and-mortar shops in the USA because of Amazon’s popularity.

Trump administration announces $22b in fresh tariffs on China
The duties are part of a broader round of tariffs on $50bn worth of goods the United States announced in March. The new list covers products such as semiconductors, electronics, plastics, and railway equipment.

Snapchat's new design is driving users away in bunches
Snap lost about 1 million users in each of its three geographic reporting regions: North America, Europe and rest of world. Snap's CEO Evan Spiegel blames the two percent decline in daily active users to "the disruption caused by our redesign".

Online Casinos that Accept UK Players
Since the UK has grown to become a thriving gambling market, numerous gaming destinations have popped up that provide the service. Since the UK is regarded as the online gaming hub of the world, gamblers in the region are in no short supply of casino options.

Ruby Rose Cast as Batwoman for CW Crossover, Standalone Series
The character will make her first appearance in the network's latest four-way Arrowverse crossover event , set to air in December. Greg Berlanti , Sarah Schechter , and Geoff Johns will produce, while Vampire Diaries alum Caroline Dries writes and produces.

Manafort's Lawyers Allege Gates Lived A 'Secret Life'
Gates testified that Manafort asked him to float Calk, who was on Trump's economic advisory council, for Secretary of the Army. In an aggressive cross-examination on Tuesday , Manafort's lead attorney, Kevin Downing, said to Gates: "You stole from Mr.

Gary Anderson Claimed His First Coral UK Open Title
A Few Information About Gary Anderson Gary Anderson is a professional darts player who was born in 1970 in Musselburgh. He’s 24 years younger than Gary Anderson, so we can agree that the experience made the difference in this case.

Samsung Will Use These Freebies to Sweeten the Deal on Note 9
This one feature that could come in very handy for many people, the new Galaxy Note 9 could really be a PC in your pocket. If it's legit, the offer will likely apply to new lines only, with savings paid back as bill credit over 24 months.

China hits back at United States with $60bn tariff threat
Reportedly, Trump claimed on June 15, that the USA would introduce tariffs by 25 percent for imported from China commodities. That prompted concern among American companies that retaliation might expand to disrupting their operations in China.

© 2015 ExpressNewsline. All Rights reserved.