Congressman indicted for insider trading

[*michaelsean*]

https://www.cnn.com/2018/08/08/politics/chris-collins-indicted-insider-trading/index.html

Quote:Washington (CNN)Federal prosecutors in New York on Wednesday charged New York Republican Rep. Chris Collins, his son and another man with 13 counts of securities fraud, wire fraud and false statements stemming from an alleged insider trading scheme centered on an Australian pharmaceutical company.

Collins, who was the first sitting member of Congress to endorse Donald Trump's presidential bid, surrendered Wednesday morning at his attorney's office in Manhattan, according to the FBI.
Prosecutors at the US Attorney's Office for the Southern District of New York alleged in an indictment that Collins and the other defendants used nonpublic information about the results of a drug trial to trade on the stock of the pharmaceutical company, Innate Immunotherapeutics Limited, of which Collins was a board member.

That allowed them, prosecutors allege, to avoid more than $768,000 in losses they would have incurred if they had traded the stock after the drug trial results became public.
The 30-page indictment highlights that the congressman both received the information about the failed drug trial from the company's CEO and then repeatedly dialed his son, Cameron Collins, while the elder Collins was attending the annual congressional picnic at the White House on June 22, 2017.

"At the time Christopher Collins, the defendant, received this email, he was attending the Congressional Picnic at the White House," the indictment says. At 7:10 p.m., he responded to the CEO: "Wow. Makes no sense. How are these results even possible???"

Lawyers for Collins said the congressman would be "completely vindicated."
"We will answer the charges filed against Congressman Collins in court and will mount a vigorous defense to clear his good name," Collins' attorneys, Jonathan Barr and Jonathan New, said in a statement on Wednesday. "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."

There's more but I'm having a hell of a time copying this.

Kudos to the Trump justice dept. (I wonder what he did to piss him off)

Maybe it's my perception, but it seems a lot of congresspeople leave far wealthier than when they arrive. Maybe this can put a scare in some of them.

[GMDino]

(08-08-2018, 01:28 PM)michaelsean Wrote: https://www.cnn.com/2018/08/08/politics/chris-collins-indicted-insider-trading/index.html



There's more but I'm having a hell of a time copying this.  

Kudos to the Trump justice dept. (I wonder what he did to piss him off)

Maybe it's my perception, but it seems a lot of congresspeople leave far wealthier than when they arrive.  Maybe this can put a scare in some of them.

#fakenews  #witchhunt