Republican Congressman Chris Collins Charged With Insider Trading
On August 8, 2018 Republican Congressman Chris Collins was charged by federal prosecutors with insider trading after using private information to help family and friends avoid massive stock losses.
Collins, who sits on the board of Innate, an Australian biotech pharmaceutical company, learned of a failed drug trial from the company’s CEO and shared this information with others before the news went public to help them avoid more than $768k in stock losses.
“In October, the Office of Congressional Ethics found ‘substantial reason to believe’ that Collins violated federal law and House rules by meeting with government researchers in his congressional capacity allegedly to benefit the firm. The office also said that he shared private information about the firm to solicit investors among friends, family and other lawmakers.”