Judul : New York GOP Rep. Chris Collins arrested over insider trading charges - CNBC
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New York GOP Rep. Chris Collins arrested over insider trading charges - CNBC
CNBC - Rep. Chris Collins, R-N.Y., has been arrested on insider trading charges lodged by the Justice Department, law enforcement officials said Wednesday morning.The indictment obtained from a federal grand jury also charges Collins' son, Cameron Collins, as well as the father of his fiancee, Stephen Zarsky.
The indictment relates to "securities of Innate Immunotherapeutics ... an Australian biotechnology company on whose board of directors Christopher Collins served," the DOJ said.
Collins passed nonpublic information about Innate's drug trial results to his son in order to help him "make timely trades in Innate stock and tip others," the indictment alleges.
His son then traded on that inside information and passed it to Zarsky, along with numerous unnamed co-conspirators, "so that they could utilize the information for the same purpose," according to the indictment.Zarsky, too, allegedly traded on the inside knowledge and passed it along to yet more unnamed co-conspirators.
In total, the three defendants avoided "over $768,000 in losses that they would have otherwise incurred" had they sold their stock after the information was made public, according to the indictment.
They added: "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."
The lawyers said Collins will say more on the indictment later on Wednesday.
The defendants are accused of multiple counts of 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.
The GOP congressman reportedly surrendered to federal agents in Manhattan on Wednesday morning. He is expected to appear in federal court in lower Manhattan later today. The U.S. attorney for the Southern District of New York is expected to detail the charges in a press conference at noon.
The lawyers said Collins will say more on the indictment later on Wednesday.
The defendants are accused of multiple counts of 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.
The GOP congressman reportedly surrendered to federal agents in Manhattan on Wednesday morning. He is expected to appear in federal court in lower Manhattan later today. The U.S. attorney for the Southern District of New York is expected to detail the charges in a press conference at noon.
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