New York Congressman Chris Collins indicted on insider trading charges

Congressman Chris Collins Arrested For Insider Trading

Congressman Chris Collins Arrested For Insider Trading

Cameron Collins, son of the 68-year-old legislator, was also arrested, along with Stephen Zarsky, whose daughter is engaged to the younger Collins. Collins, per the indictment, served on the company's board of directors.

Before the drug trial results were released publicly on June 26, Cameron Collins made more that 50 trades in Innate stock and sold almost 1.4 millions shares, the documents state.

He added that the U.S. Attorney's Office for the Southern District will give a press conference on the arrest at noon.

"The Congressman did not trade his shares, because of restrictions involving Innate shares in Australia, but he "instead tipped" his son, who quickly moved the next morning 'to sell approximately 16,508 shares of Innate".

"We are confident he will be completely vindicated and exonerated", they said in a statement.

Collins, a Republican who represents the 27th District of NY, covering the suburbs of Buffalo and Rochester, turned himself in to the FBI on Wednesday and is expected to appear in Manhattan federal court later in the day.

Mueller offers Trump team new proposal for interview
Giuliani said. "We have every reason to believe they don't have anything of the President doing anything wrong". He said that FBI Agent Peter Strzok (on the Mueller team) should have recused himself on day one.

Federal law enforcement officials on Wednesday said Rep.

The lawyers said Collins will say more on the indictment later on Wednesday. "Collins and his co-defendants made $768,000". Zarsky is also said to have made trades.

A grand jury indictment accuses Collins of supplying non-public information to investors regarding a bio-technology company based in NY. According to an indictment unsealed Wednesday, the elder Collins learned that a drug from the company failed an FDA trial while he was at a White House picnic in June of 2017.

In a statement to CNBC, attorneys for Collins vowed to "mount a vigorous defense to clear his good name".

The advocacy group Public Citizen filed a request for an investigation of Collins' stock dealings with the Office of Congressional Ethics and the Securities and Exchange Commission in January of 2017. Cameron is then alleged to have sold the shares - avoiding a loss of approximately $750,000.

Collins' latest sale of Innate Immunotherapeutics holdings was on June 20, 2018 and valued between $15,000 and $50,000 according to House periodic transaction reports. The congressman allegedly shared non-public information with his son, Cameron, that spurred a series of trades based on insider information.

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