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Republican Congressman Chris Collins is in big trouble. He allegedly participated in insider trading to protect himself and his family from huge losses after receiving information that the drug company he had heavily invested in had failed miserably in clinical trials for its most important drug.
There doesn’t seem to be much gray area in this case:
New York Rep. Chris Collins indicted on insider trading charges
Collins was at a congressional picnic at the White House on June 22 when Innate’s CEO sent an email to the company’s board of directors that the trial was a bust, according to the indictment.
“I have bad news to report,” the email began.
Then, within six minutes, came a flurry of phone calls to reach his son, who owned more than 2 percent of Innate stock, prosecutors said. He finally reached his son, Cameron Collins, who allegedly passed the information from his father to Zarsky and other unnamed co-conspirators, who then engaged in “timely trades” of the stock.
Cameron Collins unloaded his Innate shares, as did his fiancée and Zarsky, in the days that followed. Zarsky’s wife and a friend also benefited from the move, prosecutors said.
It certainly doesn’t look good.
My Take
Collins has represented this deep red district of New York for three terms. This is an opportunity to put an actual conservative in the seat; Collins scored an abysmal 39% on Conservative Review’s scorecard. Like many districts in coastal states that often elect Republicans, Collins’ district likes moderates. Perhaps they’ll pull a little to the right in the upcoming election.
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