Wednesday, 22 August, 2018

N.Y. Rep. Chris Collins arrested on insider trading charges

Chris Collins Congressman Chris Collins Arrested For Insider Trading
Leonard Rios | 08 August, 2018, 21:31

NY congressman Chris Collins was arrested Wednesday and charged with conspiracy to commit securities fraud.

The indictment charges the congressman, his son Cameron Collins, and Stephen Zarsky with securities fraud, wire fraud, one count of conspiracy to commit wire fraud, and counts of making false statements.

A spokesman for the U.S. Attorney's office for the Southern District of New York in New York City says the congressman surrendered to authorities and is under arrest.

"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".

Collins, whose district covers parts of western NY between Buffalo and Rochester, has denied any wrongdoing.

"Throughout my tenure in Congress I have followed all rules and ethical guidelines when it comes to my personal investments", Collins said in an statement when he resigned.

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While Collins bought the stocks before a crash, Culberson bought at a peak price in January 2017, the Houston Chronicle reported. Collins, his son, Zarsky and others not named in the indictment, including Cameron Collins' fiancee, Zarsky's wife, Cameron Collins' friend and Zarsky's friend and brother, were able to prevent more than $768,000 in losses, prosecutors said in the indictment.

The company developed a drug meant to treat Secondary Progressive Multiple Sclerosis.

"They could only sell their shares by virtue of the initial tip of inside information by Congressman Collins".

According to the complaint, Collins learned on June 22, 2017 that a drug Innate was developing to treat multiple sclerosis had failed clinical trials. Price said he never received information that could be considered a stock tip and denied any wrongdoing. Indeed, Collins lost $17 million when the company's stock pice dipped down to five cents, according to reports from last June. But Collins advised Cameron to sell his stock, and Cameron later told Zarsky and six other family members to do the same, according to the indictment.

"While his guilt or innocence is a question for the courts to settle, the allegations against Rep. Collins demand a prompt and thorough investigation by the House Ethics Committee", Ryan said in a statement.

Collins was first elected to Congress in 2012. "Insider trading is a clear violation of the public trust".

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