Congressman Collins arrested for insider trading
Sitting Congressman Chris Collins of New York, is accused of insider trading, after a drug test for multiple sclerosis had failed.
Sitting Congressman Chris Collins of New York, is accused of insider trading, after a drug test for multiple sclerosis had failed. He alerted family members to dump the stock.
Collins has denied any wrongdoing, but the charges could make his safe red congressional district more competitive during November's midterm elections.
Republican representative Chris Collins is now facing federal charges stemming from an email he received while at a White House picnic.
Collins has pleaded not guilty to insider trading, but prosecutors say he was told by the head of the pharmaceutical company, where Collins sits on the board-that an important test for a multiple sclerosis drug had failed.
Federal prosecutors say Collins received that email, and then called his son Cameron multiple times before eventually connecting and passing on the information.The son allegedly shared that information with his future father in law Stephen Zarsky and others.
Everyone involved avoiding nearly $800,000 in combined losses. All pleaded not guilty in federal court.
Collins next hearing date is October 11th, a little over 3 weeks before the midterm elections. Collins says he is not dropping out of the race.