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

Congressman Chris Collins Arrested For Insider Trading

A NY congressman and his son were indicted for insider trading in the shares of am Australian biotechnology startup, Innate Immunotherapeutics Ltd., federal prosecutors in Manhattan said on Wednesday.

The indictment obtained from a federal grand jury also charges Collins' son, Cameron Collins, as well as the father of his fiancee, Stephen Zarsky.

The report details how Collins met with officials at the National Institutes of Health to discuss the development of a drug made by Innate, a company whose board he served on.

The trades allowed the Collinses, Zarsky and others "to avoid over $768,000 in losses that they would have otherwise incurred" if they sold the stock after the announcement, according to the indictment.

Rep. Chris Collins leaves the House Republican Conference meeting in the Capitol on June 20, 2018. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate. During the tax reform debate, when his fellow New York GOP members of Congress were up in arms about a provision that would likely raise taxes on many New Yorkers, Collins voiced support for the plan.

Arsenal valued at $3.1 billion as Kroenke moves to take complete control
After news broke of the bid the Arsenal Supporters' Trust (AST) called it a "dreadful day" for the football club. Kroenke now holds 41,743 Arsenal shares, approximately 67.09 per cent of the club.

"Congressman Collins will have more to say on this issue later today", they added.

Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock.

On the day after the trial results were released, the company's stock lost 92 percent of its value.

Collins was one of President Trump's earliest congressional supporters, becoming the first member of the House to endorse Mr. Trump for president during the 2016 campaign.

Collins, 68, is set to appear in Manhattan federal court Wednesday afternoon.

Related news:

Hot News

China's July exports rise more than expected despite US tariffs
Aug 08, 2018 - 16:56
A spokesman for the commerce ministry described the latest round of USA tariffs as "very unreasonable". It represents the latest salvo in the ever-expanding trade war between the USA and China.

isis-killer-beheading-video-story-top Trump satisfied with result of market tariffs increase regarding China
Aug 08, 2018 - 12:59
Meanwhile, Chinese state TV said: "The White House's extreme pressure and blackmail are already clear to the worldwide community". In July, China slapped duties on American shipments of soybeans, cotton, pork, corn, wheat and other items.

isis-killer-beheading-video-story-top Polls close in OH as elections in 5 states wrap up
Aug 08, 2018 - 09:07
Instead, we got a nail-biter of a race that saw Democrat Danny O'Connor, who serves as Franklin County's Recorder, give state Sen. O'Connor "is weak on Crime, the Border, Military, Vets, your 2nd Amendment - and will end your Tax Cuts".

isis-killer-beheading-video-story-top Tesla stock jumps 10% after trading halt
Aug 08, 2018 - 08:24
He added that in the future, when Tesla reached a "phase of slower, more predictable growth", the firm could go public again. Munster figures that there is a one-in-three in chance that Musk "can actually pull this off and bring Tesla private".

isis-killer-beheading-video-story-top Kroenke scores £550m Deutsche loan for full Arsenal takeover
Aug 07, 2018 - 22:59
In a statement, Red and White Securities confirmed their acceptance of the deal on offer from KSE. Get the latest World Cup news updates.

isis-killer-beheading-video-story-top Woman helps stranger in need of cash, finds out it's Keith Urban
Aug 07, 2018 - 22:57
She said that for the last several years she has made it a resolution to pay for someone's purchases at Wawa at least once a week. Paying it forward at a Medford Wawa Friday led to a memorable encounter with singer Keith Urban for a local substitute teacher.

isis-killer-beheading-video-story-top The Mighty Ducks actor Shaun Weiss arrested a year after meth bust
Aug 07, 2018 - 22:46
Weiss, who played Goldberg in the popular trilogy, was arrested in Northern California this weekend, according to TMZ . His most recent appearances include City Guys, Pumpkin, Pack of Dogs, Las Vegas and Drillbit Taylor in 2008.

isis-killer-beheading-video-story-top Rick Gates testified he and Paul Manafort knowingly committed crimes
Aug 07, 2018 - 21:56
He has also told jurors that he and Manafort knew they were committing crimes for years as part of the offshore payment structure. There was no mention of President Trump or his campaign, but this trial is the first big public test for the special counsel.

isis-killer-beheading-video-story-top Karunanidhi health condition: Critical and unstable, says hospital bulletin
Aug 07, 2018 - 20:42
Karunanidhi entered politics at the age of 14, after being inspired by a speech made by Alagiriswami of the Justice Party in 1932. The transition from Annadurai to Karunanidhi is a rallying point not just for the DMK, but also for the state's politics.

isis-killer-beheading-video-story-top SpaceX Just Launched A Rocket With A Critical Reused Part
Aug 07, 2018 - 20:23
Interested in SpaceX? Add SpaceX as an interest to stay up to date on the latest SpaceX news, video, and analysis from ABC News. Musk has said that reusing rockets is essential for cutting costs in spaceflight and making space exploration more accessible.

isis-killer-beheading-video-story-top Anderson's late strike denies Gerrard winning Premiership start
Aug 07, 2018 - 19:47
Celtic won an unprecedented "double-treble" last season with victories in the league and both domestic cup competitions.

isis-killer-beheading-video-story-top $250 mil superyacht at centre of 1MDB scandal sails to Malaysia
Aug 07, 2018 - 18:40
Najib set up 1MDB when he took power in 2009, but it accumulated billions in debts. On Saturday, the Indonesian government agreed to hand over the yacht to Malaysia.

isis-killer-beheading-video-story-top Melania Trump praises LeBron James hours after Donald Trump's online swipe
Aug 07, 2018 - 15:45
Kiffin retweeted a story from Sporting News about Melania Trump praising LeBron James for opening his I Promise school . Instead, Bleacher Report shares that Jordan has also issued a statement in support of his fellow athlete.

isis-killer-beheading-video-story-top 1 killed, 90 wounded by Israel in Hamas-led Gaza protests
Aug 07, 2018 - 14:29
Earlier on Monday, Hayya and Mushtaha set out from the blockaded Gaza for the Egyptian capital via the Rafah border crossing. It said a tank fired at a Hamas military post in Gaza after Palestinians briefly crossed the frontier and threw bombs.

isis-killer-beheading-video-story-top Apple kicks Alex Jones and Infowars podcasts from iTunes
Aug 07, 2018 - 14:20
In a statement to BuzzFeed , Apple confirmed it had also removed Jones' podcast for violating its guidelines on hate speech. Monday marks exactly three months before the November 6 midterm elections - timing that had Jones and Infowars crying foul.