New York Congressman Chris Collins Indicted on Insider Trading Charges

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BUFFALO, NY- Congressman Chris Collins (R-Clarence) was arrested Wednesday morning after a federal grand jury indicted him on insider trading charges as well as lying to federal agents.

Collins was a member of Innate's board of directors and held almost 17 percent of the stock.

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name", Collins' attorney said in a statement on Wednesday. The stock price rose as media reported on the men's holdings in the Australian company. "Cameron Collins traded on the inside information and passed it to Stephen Zarsky".

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Collins gained prominence for being one of the earliest Capitol Hill backers of President Donald Trump.

Collins, one of President Donald Trump's early supporters in Congress, came under fire early previous year for investing in the Sydney-based Innate Immunotherapeutics while sitting on a House committee that oversees healthcare policy.

The lawyers said Collins will say more on the indictment later on Wednesday.

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The trades allowed Collins, his son, and Zarsky to avoid $768,000 in losses, according to the indictment.

It is alleged in the indictment that the congressman, who served on the board of Innate and held 16 per cent of its stock, revealed to his son the results of clinical trials involving an experimental multiple sclerosis drug in a flurry of phone calls just minutes after being apprised of the trial results from Innate's CEO.

During the tax reform debate, when his fellow New York GOP members of Congress were up in arms about a provision that would likely raise taxes on many New Yorkers, Collins voiced support for the plan.

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