CNBC — Republican Rep Chris Collins of New York, has been arrested “on insider trading,” the charges brought by the Justice Department, were announced Wednesday.
Included in the indictment, Collins son Cameron Collins, and the father of Cameron Collins’ fiancee, Stephen Zarsky.
The indictment relates to, “securities of Innate Immunotherapeutics … an Australian biotechnology company on whose board of directors Christopher Collins served.” It’s alleged that Collins would pass nonpublic information to his son about Innate’s drug trial results so that his son could “make timely trades in Innate stock and tip others.”
There are unnamed co-conspirators in the indictment, Collins, his son, and Zarsky, have been charged with, “securities fraud, as well as one count of wire fraud, one count of conspiracy to commit wire fraud and one count each of making false statements.”
Rep Collins reportedly turned himself in to federal agents, and is expected to appear in an lower Manhattan court sometime on Wednesday.
For what it’s worth, Rep Chris Collins, was the first sitting member of Congress to endorse candidate Trump for President of the United States.
This is a developing story