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Aug 8, 2018

Rep. Chris Collins arrested on insider trading charges I MarketWatch Bulletin


Robert Schroeder


Rep. Chris Collins (R-NY) delivers a speech on the second day of the Republican National Convention on July 19, 2016 at the Quicken Loans Arena in Cleveland, Ohio.
New York Rep. Christopher Collins was arrested on federal charges relating to securities fraud Wednesday, in a case involving an Australian biotech company.
A Securities and Exchange Commission case against Collins — the first congressional Republican to endorse President Donald Trump’s bid for the White House — also charges his son Cameron and the father of his son’s girlfriend, Stephen Zarsky.
The indictment says that in June 2017, Rep. Collins passed on nonpublic information about Innate Immunotherapeutics’ INNMF, +17.10%   drug-trial results to his son. Collins was a board member of the company. The case says that Cameron Collins sold nearly 1.4 million shares based on nonpublic information and that the congressman and his son spoke by phone at least nine times.
Lawyers for Collins said in a statement that the government “does not allege that Congressman Collins trade a single share of Innate Therapeutics stock.”
“We are confident he will be completely vindicated and exonerated,” said lawyers Jonathan Barr and Jonathan New.
Zarsky also allegedly traded on the insider information.
Also see: Congressman may have broken law with biotech he held, watchdog says.