Posted on 08/08/2018 9:16:01 AM PDT by yesthatjallen
Congressman Chris Collins was indicted by a federal grand jury of conspiracy to commit securities fraud on Wednesday morning.
Collins, along with his son Cameron, and Cameron's future father-in-law Stephen Zarsky, were accused of insider trading related to the Australian biotechnology company Innate Immunotherapeutics Limited.
The indictment alleged that in June of 2017, Congressman Collins violated the duties he owed to the biotechnology company by passing material, nonpublic information regarding the drug trial results to his son so that Cameron could use that information to make timely trades in Innate stock and tip others. Cameron Collins allegedly traded on that information and passed it to Zarsky, who then sent it to other defendants who were not named. The trading allowed the individuals involved to avoid over $768,000 in losses that they would have otherwise incurred if they sold their stocks in Innate after the drug trial results became public.
The drug trial, known as MIS416, was expected to be completed last summer. The indictment said that successful completion of the drug trial was a necessary prerequisite to the commercialization of the drug. Because Innate had no other significant products in its development, the stock price was tied to the success of the drug trial.
Shortly after the charges were announced, House Spaker Paul Ryan called for an investigation in to the allegations by the House Ethics Committee, and stripped him of his position on the House Energy and Commerce Committee.
The initial drug trial results were made available by trial administrators to Innate's CEO on June 22, 2017. That night, Innate issued a press release saying that the company requested it halt trading. However, that halt only applied to trading in Australia and not the United States.
Four days later following the closure of the U.S. markets, Innate issued a press release saying that MIS416 failed its drug trial. The company's stock price crashed in response to the announcement.
Collins was on Innate's Board of Directors during this time. An e-mail was sent to Collins and other board members beginning with the phrase "I have bad news to report" and explained that the drug failed. Collins replied to the e-mail saying "Wow. Makes no sense. How are those results even possible???"
Following the e-mail from Collins, he made two calls to Cameron which were missed. Cameron then called the congressman three times but did not reach. It wasn't until the seventh call made from Chris Collins to Cameron Collins that the two had a phone conversation for over six minutes, where he told him about the results of the drug trial.
If he is guilty, send him to jail.
If he had been a Democrat he would have gotten a warning.
I’m guessing he must be a Democrat as I did not see his party affiliation on the article
So when are the Feds going to indict politicians for insider dealing on California’s train to nowhere?
LOL, he’s not alone, they are all involved to some extent. Its just one of the additional benefits of being a member of the government. Greed!
No, he’s a Republican. I suspect it’s just more deep state partisanship in an election year.
Collin Clark Peterson is an American politician, member of the Minnesota Democratic–Farmer–Labor Party, the U.S. Representative for Minnesota’s 7th congressional district, and the most senior representative from Minnesota, serving since 1991
Only Republicans get indicted.
The left hates him because he was the first congressman to publicly endorse Trump.
Article not every clear.
Collins sold no stock himself, yet word did leak out to some of his friends and associates. Did he leak it? So will they be charged also?
He, of all people, should know the deep state has a very long reach, knows all, and sees all.
It is to laugh. The only guy indicted for insider trading in the entire filthy Congress is a back-bencher R.
First of many? Diane Feinstein had a spy for a driver and a husband who was knocking our heads in on federal contracts for over 20 years.
Nothing.
Pretty strong case the US Attorney just laid out.
He’s going to have to step aside so the GOP can organize a replacement. This is a seat we may lose.
Idiot.
I thought that the manafort trial was going badly for the prosecutors so they needed a slam dunk to get back some cred.
He is Republican and MSM is saying it loud and clear, they are also saying he is one of Trump’s earliest and biggest supporters in Congress, make it sound like they are oldest and dearest friends... I watched discussion of it for just a few minutes and the guy talking was saying Trump’s name more than Collins.
He has always been a Rino, or at least an accommodator, and hardly an inspiring figure...he takes care of the farms and small towns in his district.
But I you wouldn’t have figured him for a damned fool crook.
He’s going on thirty years as a congressman, and one has to wonder if his son got him into something he didn’t understand.
And that’s how the democRATS intend to flip the seats in upstate & western, NY
This is something that conveniently distracts from the Feinstein Chinese Spy scandal.
I don’t know if he’s guilty or not. Perhaps he is. And if so, he should go to jail.
However, what I DO know is that if he were NOT a Trump supporter he would NOT be under indictment right now.
And that’s how the democRATS intend to flip the seats in upstate & western, NY
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We can put nothing past them. We’re in all out war now.
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