NY Republican Chris Collins Arrested for Fraud

Rep. Chris Collins R-NY. speaks in Cleveland

Rep. Chris Collins R-NY. speaks in Cleveland

The fraud counts relate to securities of an Australian biotechnology company called Innate Immunotherapeutics, where the congressman served on the board.

Collins found out about the failed drug trial before it became public - getting an email about the results while attending the congressional picnic at the White House a year ago, the indictment alleges.

Since his inauguration, Collins has continued to defend Trump. A press conference is scheduled for noon on Wednesday.

Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock.

"We are confident he will be completely vindicated and exonerated", they said in a statement. They avoided losing $768,000, according to the indictment.

The charges were announced and the was indictment unsealed in New York City on Wednesday.

Iran refuses talks with USA under coercion
The Iranian rial has fallen to 99,000 to the USA dollar despite a government-imposed rate of 44,000. Ramezan Sharif confirming that its forces held a military drill in the Persian Gulf and the strait.

Collins was the biggest investor in the company, which is developing treatments for multiple sclerosis, and he reportedly was pitching it as a good investment to friends and House colleagues.

The indictment says the congressman informed his son and Stephen Zansky, the father of his son's fiancee, about the unpublicized trial failure of a drug the company had developed, which would later cause stock prices to plummet.

On the day after the trial results were released, the company's stock lost 92 percent of its value. The outside, non-partisan Office of Congressional Ethics began a review of Collins' activity in March 2017 and voted to send its findings to the House ethics panel that July, which can formally launch investigations and recommend any sanctions against any lawmaker it determines has broken any rules.

Before the drug trial results were released publicly on June 26, Cameron Collins made more that 50 trades in Innate stock and sold almost 1.4 millions shares, the documents state.

According to the inducement, Collins was shocked when he was informed about the drug's failed trial.

Recommended News

  • Advisors Reportedly Telling Trump to Stop Tweeting About the Trump Tower Meeting

    Advisors Reportedly Telling Trump to Stop Tweeting About the Trump Tower Meeting

    U.S. media then reported that the USA president had been involved in the initial statement his son issued on the meeting. Sekulow said on Sunday his erroneous denial about Trump's involvement was a mistake based on "bad information".
    Ford government slashes income assistance hikes

    Ford government slashes income assistance hikes

    The benefits of universal basic income have recently become a point of focus for many governments and advocacy groups. Mike Schreiner, Guelph MPP and Green Party leader, considers the increase to be a cut to the social assistance rate.
    July 2018 Jobs Report: Payroll Growth Slows

    July 2018 Jobs Report: Payroll Growth Slows

    One cloud on the horizon has been the Trump administration's trade fights with China, the European Union , Canada and Mexico. The July jobs report indicated that U.S. employers added 157,000 jobs on net last month, fewer than economists expected.
  • Elon Musk: a private Tesla would be an 'enormous opportunity'

    Elon Musk: a private Tesla would be an 'enormous opportunity'

    The broader timing of the tweet is also suspect, given Musk's recent public denunciations of Tesla's (equally vocal) critics. The electric auto maker reported revenue of $4 billion in the second quarter of 2018, with $2.2 billion in cash in hand.
    Galaxy Note 9 vs S9 Plus: Samsung's big phones pitted head-to-head

    Galaxy Note 9 vs S9 Plus: Samsung's big phones pitted head-to-head

    In addition to the fresh render leaked by Blass, the first hands-on images of the Galaxy Note 9 have been on SlashLeaks. Samsung has also invited users to pre-order the Galaxy Note 9 , However, the page is also removed right now.
    Michael Jordan voices support for Lebron after Trump insult

    Michael Jordan voices support for Lebron after Trump insult

    Before entering politics, Trump frequently praised James and his own family tried to recruit him to the New York Knicks in 2010. It may be a reference to Michael Jordan , the NBA Hall-of-Famer whose legacy James is endlessly compared with. "You bum.
  • Prince Harry suffers a weird  wardrobe malfunction at friend's wedding

    Prince Harry suffers a weird wardrobe malfunction at friend's wedding

    And, per usual, she looked extremely chic in a Club Monaco dress, paired with Aquazzura shoes and a Philip Treacy hat. The royal couple were attending the wedding of the prince's long-time friend Charlie van Straubenzee to Daisy Jenks.
    My Client Wants To Leave Chelsea For Real Madrid

    My Client Wants To Leave Chelsea For Real Madrid

    For example, two years ago when we switched to three at the back then from the first day we were very good. He said he did not know how long it would take him to embed his style.
    Osama's mum breaks silence over 2011 death, says he loved her

    Osama's mum breaks silence over 2011 death, says he loved her

    Ghanem insisted her first-born son had been a deeply religious individual who "changed" at university. Think twice about what you are doing. "You are entering terrible parts of your soul".
  • New U.S. sanctions against Iran take effect

    New U.S. sanctions against Iran take effect

    Speaking in a television interview, he also demanded compensation for decades of American "intervention" in the Islamic Republic. Iran's currency has lost around half its value since Trump announced the U.S. would withdraw from the nuclear pact.
    Trump admits son met Russian for information on opponent

    Trump admits son met Russian for information on opponent

    Trump tweeted that his son met with a Kremlin-connected lawyer to collect information about his political opponent. Trump earlier in the day tweeted that the Trump Tower meeting between his son, Donald Trump Jr .
    Google plans China return with censored search engine, report says

    Google plans China return with censored search engine, report says

    This has very serious implications not just for China, but for all of us, for freedom of information and internet freedom. Google responded to the report in a statement to The Verge saying, "we don't comment on speculation about future plans".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.