Rep. Chris Collins Charged with Insider Trading - Articles

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Posted by: Chelsea Bennett on Aug 16, 2018

Republican Rep. Christopher Collins of New York has been charged with insider trading, stemming from an incident that took place on the White House lawn during the annual congressional picnic in June 2017, The New York Times reports. Members of his family sold their stock in Innate Immunotherapeutics within days of the delivery of a private email from the head of the company, revealing the failure of the company’s only product in a clinical trial. Collins called his son within minutes of the email; the sale of the stock over the next couple days saved his son over $570,000 in losses. His son then passed the tip to his fiancée and her father. Collins’ son and his fiancée’s father have also been charged with insider trading and lying to investigators. Collins pleaded not guilty on Aug. 8 and was released after agreeing to produce a $500,000 bond within two weeks.