Politics

GOP Congressman Chris Collins Charged With Insider Trading

WASHINGTON, DC - APRIL 21: Rep. Chris Collins (R-NY) talks to reporters following a meeting with fellow members of Congress and representatives from the Donald Trump presidential campaign at the National Republican Club of Capitol Hill April 21, 2016 in Washington, DC. The first member of Congress to endorse Trump, Collins said it is 'all but inevitable' that the real estate billionaire will get the 1237 delegates necessary to win the Republican presidential nomination during the first round of balloting at this summer's GOP convention in Cleveland. (Photo by Chip Somodevilla/Getty Images)

Amber Athey White House Correspondent

New York Republican Rep. Chris Collins has reportedly been indicted on securities fraud charges.

According to CNBC, Collins will be indicted on insider trading charges and turned himself into the FBI on Wednesday morning.

The Department of Justice explains that the indictment is related to “securities of Innate Immunotherapeutics … an Australian biotechnology company on whose board of directors Christopher Collins served.”

Collins’ son, Cameron Collins, and Stephen Zarsky, Cameron Collins’ fiancé’s father, are also named in the indictment. Collins is accused of using his board position at Innate to share nonpublic trading information with his family, saving them more than $768,000 in losses after a failed drug trial in the summer of 2017.

Collins serves in New York’s 27th Congressional District. The U.S. Attorney’s Office for the Southern District will hold a press conference about the charges on Wednesday afternoon, NBC News reports.

Collins’ attorneys promised in a statement that the congressman would be “completely vindicated.”

“We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name,” they wrote in the statement. “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.”

“Congressman Collins will have more to say on this issue later today,” they concluded.

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