Top Trump congressional ally being investigated for insider trading

Rep. Chris Collins (R-NY), who is one of President Donald Trump's most prominent allies in Congress, is under investigation for insider trading.

The Buffalo News reports that the Office of Congressional Ethics released a report on Thursday that concluded there was "substantial reason to believe" that Collins had broken federal law regarding insider trading.

At issue is Collins' touting of the stock of an Australian biotech firm Innate Immunotherapeutics based on inside information he had on the company, in which he is the largest individual shareholder.

"Three times in 2015 and 2016, Collins sent emails to potential Innate investors that included what appears to be private information about the company as well as publicly available information," the Buffalo News reports. "By doing that, Collins may have violated the federal Stop Trading on Congressional Knowledge (STOCK) Act, a law barring insider trading among members of Congress, as well as House ethics guidelines."

Collins' attorney denied that his client did anything wrong, and insisted that the allegations against him were baseless.

"Rep. Collins has done nothing improper, and his cooperation and candor during the OCE review process confirm he has nothing to hide," wrote attorney E. Mark Braden in a letter to the House Ethics Committee.