New York Congressman Chris Collins Arrested on Insider-Trading Charges

Rep. Chris Collins R-NY. speaks in Cleveland

Rep. Chris Collins, a Republican representative from NY, has been arrested by the Federal Bureau of Investigation for securities fraud and wire fraud.

Specifically, the indictment alleges that Collins past year passed "material, nonpublic information" about Australian biotech firm Innate Immunotherapeutics to his son so he "could use that information to make timely trades in Innate stock and tip others".

The insider trading crimes concern Innate Immunotherapeutics, an Australian biotech firm in which both Collins men were major shareholders.

According to the indictment, the defendants tried to get early word on the results of trial of a drug the company developed to treat multiple sclerosis. He is expected to appear in federal court in lower Manhattan later today. "We are confident he will be completely vindicated and exonerated", the statement reads. The Office of Congressional Ethics, in its report to the Ethics Committee found "substantial reason to believe" that Collins "shared material nonpublic information in purchasing stock" of Innate Immunotherapeutics, in violation of House rules, standards and federal law.

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Collins' attorneys said they plan to "mount a vigorous defense to clear his good name". "Cameron Collins traded on the inside information and passed it to Stephen Zarsky".

"Many Republican leaders are struggling to come to terms with Donald Trump as their party's nominee: Some are declining to immediately endorse him, while others say outright that they won't support him and are searching for a third-party alternative to back this fall", RealClearPolitics wrote in the piece.

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

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