Republican Congressman Chris Collins Was Just Arrested for Insider Trading
Congressman Chris Collins, the 68-year-old Republican representative for New York's 27th district, was indicted on Wednesday on charges of insider trading. According to the New York Times, Collins "was accused of tipping off his son and others to sell stock in an Australian pharmaceutical company [Innate Immunotherapeutics Limited] before the results of one of its failed drug tests became public, federal prosecutors said." According to the indictment, the stock subsequently dropped more than 90 percent after that news got out.
Following Collins's arrest, speaker of the House Paul Ryan removed Collins from the House Energy and Commerce Committee (he served on three subcommittees: the Health Subcommittee, the Communications and Technology Subcommittee, and the Oversight and Investigations Subcommittee), and has called for an investigation by the House Ethics Committee.
"While his guilt or innocence is a question for the courts to settle, the allegations against Rep. Collins demand a prompt and thorough investigation by the House Ethics Committee," reads a statement from Ryan.
"Insider trading is a clear violation of the public trust. Until this matter is settled, Rep. Collins will no longer be serving on the House Energy and Commerce Committee."
A lawyer for Collins has responded to the charges with the following statement:
"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name. 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."
Here's what else you need to know about the Congressman from New York:
Collins has represented New York's 27th congressional district since 2013.
The region encompasses 105 towns, including the suburbs of Buffalo, and is one of the most conservative parts of New York.
Before being elected to congress Collins served as the Erie County Executive.
Prior to his career in politics, he was a mechanical engineer and worked at Westinghouse Electric.
He was the first sitting congressperson to publicly endorse Donald Trump, a fact which has become something of his claim to fame.
"We need a chief executive, not a chief politician," Collins said of Trump in an interview with CNN's Erin Burnett in February of 2016. "Donald Trump is the individual as president that can lead this country and reclaim our great state and provide a bright future for our children."
At this point, Trump has yet to Tweet about Collins's indictment. We'll be sure to update if the President makes a statement.
According to the Washington Post, Collins was indicted for his crime alongside his son Cameron, and Stephen Zarsky.
The Post reports that Zarsky is "the father of Cameron Collins’s fiancee." In total, Collins has three children with his wife Mary and three grandchildren.
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