GOP congressman busted for insider trading

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The indictment relates to securities of Innate Immunotherapeutics, an Australian biotechnology company where Rep. Collins served on the board.

Multiple GOP lawmakers told The Hill a year ago that Collins had boasted about making money for other members of Congress by urging them to invest in the company, of which he is the largest stockholder. "Cameron Collins traded on the inside information and passed it to Stephen Zarsky".

"Yeah, on his stock tip", the same unnamed lawmaker replied, according to the Hill. "This follows the company previously suggesting a great response to its drug and touting that it stood to generate as much as $3 billion in profits in this country alone", Slaughter said in a statement.

Since his inauguration, Collins has continued to defend Trump.

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Rep. Chris Collins (R-NY) was arrested and indicted on federal insider trading charges Wednesday.

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated".

The charges were announced and the was indictment unsealed in New York City on Wednesday.

According to the indictment, after Collins learned a trial regarding a drug to treat multiple sclerosis failed, he contacted his son, who traded on the information.

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The attorneys note that Rep. Collins is not accused of selling any of his own shares, which lost 92 percent of their value after the adverse results of the clinical trial were released.

The report said "there is a substantial reason to believe that Representative Collins shared material, non public information in the purchase of Innate stock, in violation of House rules, standards of conduct, and federal law".

The House Ethics Committee had been investigating the allegations against Collins since August of 2017. Cameron is then alleged to have sold the shares - avoiding a loss of approximately $750,000. One online trade was made while he was on the phone with his father.

According to the inducement, Collins was shocked when he was informed about the drug's failed trial.

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