Live: New York Congressman Chris Collins indicted on insider trading charges | Press Conference

08 Aug 2018 34:33 16
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Republican Rep. Christopher Collins of New York, the first member of Congress to support President Trump during his campaign, has been charged with insider trading Wednesday. He is accused of using inside information about a biotechnology company to make illicit stock trades. The charges were announced, and the indictment was unsealed in New York City on Wednesday. The indictment charges Collins, the congressman's son and the father of his son's fiancee with conspiracy, wire fraud and other counts.

According to the indictment, the defendants tried to get early word on the results of tests by a pharmaceutical company, Innate Immunotherapeutics Limited. The company developed a drug intended to treat Secondary Progressive Multiple Sclerosis.

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