Chris Collins today released a statement in which he informed his constituents that he would not seek re-election in the NY-27 district this fall. Earlier this week it was learned that Collins will face insider trading charges according to the U.S. Attorney’s Office in the Southern District of New York. Collins’ statement is below….
— Rep. Chris Collins (@RepChrisCollins) August 11, 2018
ORIGINAL POST ON 8/8/18:
Rep. Chris Collins arrested on insider trading charges
Chris Collins, a Republican congressman from New York, surrendered to the FBI on Wednesday morning on insider trading charges lodged by the Justice Department.
Collins, 68, faces insider trading charges along with his son, Cameron Collins, and Stephen Zarsky, the father of Cameron Collins’ fiancée, according to the U.S. Attorney’s Office in the Southern District of New York.
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.