Rep. Chris Collins, a Republican representative from NY, has been arrested by the Federal Bureau of Investigation for securities fraud and wire fraud. The indictment charges Collins with notifying his son, Cameron Collins, of the failed test just minutes after he learned the news.
Prosecutors say the charges relate to a scheme to gain insider information about a biotechnology company headquartered in Sydney, Australia, that has offices in Auckland, New Zealand.
"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name".
Collins was taken into custody in Manhattan. The company developed a drug meant to treat Secondary Progressive Multiple Sclerosis.
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As Collins is the largest shareholder in the company and his conversation carried the appearance of trading off non-public information, his actions immediately drew suspicion. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement.
2 On Your Side will have more details as they become available.
Associates of Collins "collectively sold over 1.78 million Innate shares" before the poor trial results were announced on June 26, "Cameron Collins, Stephen Zarsky, and their tippees avoided total losses of approximately $768,600", the complaint alleges.