Representative Chris Collins, R-N.Y., will be indicted by the Justice Department on insider trading charges, reports CNBC. Federal prosecutors made the announcement on Wednesday morning. The indictment, obtained from a federal grand jury, also charges Collins’ son, Cameron Collins, as well as the father of his fiancé, Stephen Zarsky.
JUST IN: Rep. Chris Collins (R-NY), Trump’s earliest congressional backer, arrested by the FBI on securities fraud-related charges, via @jonathan4ny
— Peter Alexander (@PeterAlexander) August 8, 2018
According to ABC News, the charges relate to a scheme to get insider information about a biotechnology company based in Sydney, Australia. Innate Immunotherapeutics Limited developed a drug intended to treat Secondary Progressive Multiple Sclerosis. The indictment alleges that the defendants tried to get early word on the results of a test by the company.
Collins has denied any wrongdoing.
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