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REVEALED: GOP congressman Chris Collins allegedly committed securities fraud while he was at Trump’s White House

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Rep. Chris Collins (R-NY), the Trump-loving lawmaker who was arrested on Wednesday on insider trading charges, was allegedly at the White House when he broke the law.

According to the indictment leveled against Collins, the Republican lawmaker was attending the annual Congressional Picnic at the White House when he received an email from the chief executive of Australian biotech firm Innate Immunotherapeutics that informed him that the company had just suffered a massive drug trial failure.

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Specifically, the email informed Collins that “top-line 12-month data… show no clinically meaningful or statistically significant differences in [outcomes] between [Innate’s experimental drug] and placebo… no doubt we will want to consider this extremely bad news.”

The indictment claims that, after receiving this email, Collins then called his son, Cameron Collins, to inform him of the drug’s failure — despite “knowing that it was in breach of his duties to Innate.”

According to prosecutors, Collins made the call to his son to get him to dump shares of the stock so that they wouldn’t have to take a massive financial hit when news of the drug’s failure broke.

“The following morning… Cameron Collins placed an online order with his brokerage firm to sell approximately 16,508 shares of Innate on the U.S. OTC market,” the indictment alleges. “This order was executed… when the U.S. OTC market opened.”

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Collins is one of six Republicans connected to the insider trading scandal.

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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David Byrd (WSMV/screen grab)

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