GOP Congressman Chris Collins Arrested, to Be Indicted on Insider Trading Charges

Arturo Kim
August 8, 2018

Collins and his son Cameron, along with Stephen Zarsky, the father of Cameron's fiancee, were charged with insider trading in connection to "securities of an Australian biotechnology company", Innate Immunotherapeutics.

Also charged with insider trading in the indictment is Collins' son, Cameron, and Stephen Zarsky, the father of Cameron Collins' fiancée, according to the U.S. Attorney's Office in the Southern District of NY.

The U.S. attorney for the Southern District of NY plans to hold a press conference at noon to detail the charges against Collins and the two others.

"The Congressman did not trade his shares, because of restrictions involving Innate shares in Australia, but he "instead tipped" his son, who quickly moved the next morning 'to sell approximately 16,508 shares of Innate".

In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court.

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

The pro-Trump politician, who is up for re-election in November, has been a member of Congress since 2013, representing suburban and rural areas around the New York State city of Buffalo. McMurray, the Grand Island Town Supervisor, does not have a lot money, but "may stand a chance" to win the 27th Congressional District seat, said Republican Erie County Legislator Kevin Hardwick.

Democrats were helped along by some serious charges from federal prosecutors in NY.

The trial results were made public a week later, with Innate stock losing 92 per cent of its value in off-exchange trading. Zarsky is also said to have made trades.

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Collins got the news of the drug trial in a June 2017 email from the company's chief executive officer while attending an event on the South Lawn of the White House.

Collins was one of Trump's first congressional supporters.

Collins then called his son, Cameron, to tell him the results, according to the indictment.

The congressman, through his attorneys, denied any wrongdoing.

"While his guilt or innocence is a question for the courts to settle, the allegations against Rep Collins demand a prompt and thorough investigation by the House Ethics Committee", Mr Ryan said, according to the Washington Post.

Collins is on the board of directors for the company.

Price, who bought about 400,000 shares of the stock, said he'd learned of the firm through Collins but testified that the price he received was available to any investor.

This is not the first time the congressman's involvement with Innate has attracted scrutiny.

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