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

Johnny Depp’s B.I.G. movie pulled a month before release
Last month, location manager Greg "Rocky" Brooks filed suit against Depp for allegedly hurling obscenities at and punching him. The first " City Of Lies " trailer was released in May, on what would have been Biggie's 46th birthday.

Polls close in OH as elections in 5 states wrap up
The Republican campaign arm and its allied super PAC were forced to pick up the slack, spending more than $4 million between them. Also in the race: Native American attorney Sharice Davids and former school teacher Tom Niermann.

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.

James Anderson Takes Nasty Blow on Face While Playing Golf
Broad, himself, initially concerned for his bowling partner, could not control his laughter at Anderson's misfortune. Anderson took four wickets to help England to a 31-run victory in the first Test at Edgbaston.

Ontario government to announce buck-a-beer plan
Effective Aug. 27, Ontario's government will lower the minimum price floor to $1 for any beer with an alcohol volume below 5.6%. Ford has said buck-a-beer will be available in the province by August 27, in time for Labour Day weekend.

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.

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.

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.

Angelina Jolie seeks 'meaningful' child support from Brad Pitt
Brad Pitt is hitting back hard at Angelina Jolie's accusations that he hasn't paid a dime in child support for their six kids. Jason LaVeris via Getty Images Angelina Jolie and Brad Pitt pictured in 2015 during their last public appearance as a couple.

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.

© 2015 ExpressNewsline. All Rights reserved.