NY Republican Chris Collins Arrested for Fraud

NY Republican Chris Collins Arrested for Fraud

NY Republican Chris Collins Arrested for Fraud

A NY congressman and his son were indicted for insider trading in the shares of am Australian biotechnology startup, Innate Immunotherapeutics Ltd., federal prosecutors in Manhattan said on Wednesday.

Chris Collins has been charged with alleged securities fraud, wire fraud and false statements, the Justice Department announced Wednesday.

Collins was the first congressman to endorse Donald Trump's 2016 presidential campaign, and has been a loyal defender of Trump's agenda on Capitol Hill.

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

Najib out on extended bail for new RM42m money-laundering case
Each charge is punishable by up to 15 years' jail and a fine of not less than five times the proceeds of the illegal activity. Last month, he claimed trial to three charges of criminal breach of trust (CBT) and one charge of abuse of power.

They added: "It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock". We are confident he will be completely vindicated and exonerated. The company developed a drug meant to treat Secondary Progressive Multiple Sclerosis.

Collins was on the board of Innate Immunotherapetutics, one of its largest shareholders, and had access to nonpublic information about the company.

This story is breaking and will be updated with additional information.

Rep. Chris Collins (R-NY) was arrested by the Federal Bureau of Investigation on Tuesday morning, according to WNBC.

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