One of Donald Trump’s biggest supporter in Congress was arrested Wednesday, charged with insider trading. NBC News reports, “Chris Collins, a Republican congressman from upstate New York, surrendered to the FBI on Wednesday morning on securities fraud-related charges, federal prosecutors said.”
JUST IN: Rep. Chris Collins (R-NY), Trump’s earliest congressional backer, arrested by the FBI on securities fraud-related charges, via @jonathan4ny
— Peter Alexander (@PeterAlexander) August 8, 2018
The U.S. Attorney in the Southern District of New York announces insider trading charges against U.S. Rep. Chris Collins, R-New York, his son Cameron, and Stephen Zarsky, the father of Cameron's fiancée, "relating to securities of Innate Immunotherapeutics."
— Nathan Bomey (@NathanBomey) August 8, 2018
“In June 2017, Collins passed nonpublic information about Innate’s drug trial results to his son in order to help him ‘make timely trades in Innate stock and tip others,’ the indictment alleges.
His son then traded on that inside information and passed it to Zarsky, along with numerous unnamed co-conspirators, “so that they could utilize the information for the same purpose,” according to the indictment.
Zarsky, too, allegedly traded on the inside knowledge and passed it along to yet more unnamed co-conspirators.”
Collins is up for re-election this year. NBC says:
“The three-term incumbent represents New York’s 27th Congressional District, which includes suburbs of Buffalo and Rochester, and is up for re-election in November. He has raised more than $1.34 million in his campaign war chest, according to the latest Federal Election Commission filing.”
Vox has the complete indictment. You can read it here.
Statement from Rep. Collins’ attorneys on his arrest today. They say they are “confident he will be completely vindicated and exonerated.” pic.twitter.com/cWyS2ph4sh
— Rebecca Kaplan (@RebeccaRKaplan) August 8, 2018
