U.S. congressman, Trump loyalist, indicted for insider trading

Congressman Chris Collins Arrested For Insider Trading

Rep. Christopher Collins, a Republican congressman from NY, was arrested Wednesday and charged with insider trading related to an Australian biotechnology company.

The indictment relates to "securities of Innate Immunotherapeutics.an Australian biotechnology company on whose board of directors Christopher Collins served", the DOJ said.

Rep. Chris Collins leaves the House Republican Conference meeting in the Capitol on June 20, 2018.

"Yeah, on his stock tip", the same unnamed lawmaker replied, according to the Hill. Neither has responded to requests for comment since the Collins indictment was handed up.

Since his inauguration, Collins has continued to defend Trump. Collins, his son and Zarksy are scheduled to be arraigned in Manhattan federal court at 2:30 p.m. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock.

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

The House Ethics Committee declined to comment on the indictment Wednesday.

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An Office of Congressional Ethics report earlier this year found that Collins may have violated federal law by sharing nonpublic information with investors of the Australian pharmaceutical company.

The defendants have also been charged with counts of wire fraud and false statements.

Chris Collins was arrested by the Federal Bureau of Investigation on insider trading charges.

Successful completion of the trial was necessary for commercialization of the production in the US, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment.

The company's stock price fell more than 90 percent after results of the drug trial were released publicly, the documents state.

After Collins surrendered to the FBI, Speaker Paul D. Ryan announced he would no longer sit on the House Energy and Commerce committee. He bought 4 million shares.

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