Rep. Chris Collins Charged with Insider Trading

Credit: Veuer
Published on August 8, 2018 - Duration: 01:08s

Rep. Chris Collins Charged with Insider Trading

Representative Chris Collins of New York has has been arrested and charged with insider trading.

For more on the story, here is Veuer's Zachary Devita.

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Rep. Chris Collins Charged with Insider Trading

Representative Chris Collins of New York has has been arrested and charged with insider Trading, according to NBC News????The Republican, who has been a strong defender of President Trump on Capitol hill, surrendered himself to the FBI Wednesday morning.

He came under scrutiny earlier this year when a report by the Office of Congressional Ethics suggested he shared nonpublic information with investors of an Australian pharmaceutical company -- in violation of federal law.????The Hill reports, that several GOP lawmakers said Collins had bragged about persuading members of Congress to invest in the company, Innate Immunotherapeutics, to make money.????Notably, he is the Australian companyโ€™s largest stockholder.

????CNBC obtained the indictment from a federal grand jury, which states that Collinโ€™s son, Cameron Collins, along the father of Cameronโ€™s fiancee, Stephen Zarsky, have also been charged.

??????The three defendants are accused of one count of wire fraud, multiple counts of securities fraud and one count of conspiracy to commit wire fraud.

Collins is expected in federal court in New York later on Wednesday.

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