Christopher Collins indicted on insider trading charges

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Collins, 68, was arrested and charged along with his son Cameron Collins and another defendant for their role in illegal trading of stock in Australian biotechnology firm Innate Immunotherapeutics, where the elder Collins was a board member, according to the indictment released by the US Attorney for the Southern District of NY.

The 30-page complaint highlights that the congressman both received the information about the failed drug trial from the company's CEO and then repeatedly dialed his son, Cameron Collins, while the elder Collins was attending the annual congressional picnic at the White House on June 22, 2017.

The indictment obtained from a federal grand jury also charges Collins' son, Cameron Collins, as well as the father of his fiancee, Stephen Zarsky.

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name ..."

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"Throughout my tenure in Congress I have followed all rules and ethical guidelines when it comes to my personal investments", Collins said in an statement when he resigned.

FBN's Ashley Webster on the indictment of Rep. Chris Collins, (R-N.Y.), on charges of insider trading.

The firm's stock plunged by more than 92% after it was revealed that a multiple sclerosis drug it was developing had failed trials.

Collins is on the board of directors for the company.

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Collins has denied any wrongdoing.

In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court. According to the indictment, "All of the trades preceded the public release of the negative drug trial results and were timed to avoid losses that they would have suffered once the news became public".

"Congressman Collins will have more to say on this issue later today", they added. When the House Ethics Committee began investigating the stock trades a year ago, his spokeswoman called it a "partisan witch hunt".

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