There are many more items on that list, but what is even more interesting is the fact that the charges came down from a grand jury, which means there are lots and lots of grand juries going on.
This is the first indictment of a sitting Congressman.
Collins was promoting stock to fellow members of congress, covering up failed cancer drug trials.
You cannot use your public office to make money.
There are more charges than SEC fraud which is why I have included the SEC complaint, below.
This is seriously a new low in Medicaid fraud.
I wonder how much went into his campaign?
I wonder how much went into his campaign?
Stay tuned.
Congressman on pharma stock he owns: He talks about it the way you’d talk about your kid hitting a home run
The Buffalo, N.Y.–area Republican, the first member of Congress to endorse the presidential candidacy of Donald Trump, was the feature of a Hill story in which he boasted about how much money he’s made for other members of Congress by tipping them off to Innate IIL, -1.67% INNMF, +22.75% ,on the board of which he sits.
New York GOP Rep. Chris Collins arrested on insider trading charges
- Rep. Chris Collins, R-N.Y., has been arrested on insider trading charges lodged by the Justice Department, law enforcement officials said Wednesday morning.
- The indictment obtained from a federal grand jury also charges Collins' son, Cameron Collins, as well as the father of his fiancee, Stephen Zarsky.
- 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.
An indictment obtained from a federal grand jury also charges Collins' son, Cameron Collins, as well as the father of his fiancee, Stephen Zarsky.
The indictment relates to Australian biotech company Innate Immunotherapeutics, on which Collins served as a board member.
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.
In total, the three defendants avoided "over $768,000 in losses that they would have otherwise incurred" had they sold their stock after the information was made public, according to the indictment.
In a statement to CNBC, attorneys for Collins vowed to "mount a vigorous defense to clear his good name."
They added: "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."
The lawyers said Collins will have more to say on the indictment later on Wednesday.
The indictment related to Innate draws new attention to former U.S. Health and Human Services Secretary Tom Price, who was grilled by lawmakers during his confirmation hearings in January 2017 about a tip on the company he allegedly received from Collins.
A spokesman for Price did not immediately respond to CNBC's request for comment.
Cameron Collins' attorney, Rebecca Ricigliano, said, "We look forward to addressing these charges in court, and will not be commenting on this case outside of the courtroom."
The GOP representative was already being probed by the House Ethics Committee, which found in October 2017 that "there is a substantial reason to believe that Representative Collins shared material nonpublic information in the purchase of Innate stock." The committee recommended further review.
The defendants are accused of multiple counts of securities fraud, as well as one count of wire fraud, one count of conspiracy to commit wire fraud and one count each of making false statements.
The GOP congressman reportedly surrendered to federal agents in Manhattan on Wednesday morning. He is expected to appear in federal court in lower Manhattan later today. The U.S. attorney for the Southern District of New York is expected to detail the charges in a press conference at noon.
U.S. House Ethics Investigation Referral of Rep. Chris Collins Review No 17-3509_Report & Findings by Beverly Tran on Scribd
Collins SEC Complaint by Beverly Tran on Scribd
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