Chris Collins, Donald Trump and Republicans’ corruption perception problem

Congressman Chris Collins Arrested For Insider Trading

His son Cameron Collins as well as his fiance's father are also named in the document.

But the underlying scheme at the center of federal prosecutors' case is actually quite simple: Collins tipped his son off to bad news coming from a biotechnology company, allowing his son and seven others to sell off their stock before its value tanked.

Successful completion of the trial was necessary for commercialization of the production in the USA, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment.

The company's stock price fell more than 90 percent after results of the drug trial were released publicly, the documents state.

Christopher Collins, a Republican Congressman representing the 27th District of NY, his son Cameron Collins, and Stephen Zarsky, the father of Cameron Collins's fiancée were charged by federal prosecutors in Manhattan.

The indictment could rock Capitol Hill, The Hill newspaper reported in June 2017 that Collins bragged about making members of Congress money via tips about the Australian biotech company.

Collins, whose district covers parts of western NY between Buffalo and Rochester, has denied any wrongdoing.

"At the time Christopher Collins, the defendant, received this email, he was attending the Congressional Picnic at the White House", the indictment says.

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"Access to this kind of information carries with it significant responsibility, especially those in society who hold a position of trust", said William Sweeney, assistant director of the FBI New York field office.

Lawyers for Collins said the congressman would be "completely vindicated".

Collins' dealings with Inate Immunotherapeutics are also the subject of an ongoing congressional ethics probe.

The U.S. attorney for the Southern District of NY is expected to detail the charges in a press conference at noon. "Makes no sense. How are these results even possible???"

Collins, 68, was the first member of Congress to endorse President Donald Trump, saying in February 2016, "We need a chief executive, not a chief politician".

House Speaker Paul Ryan, R-Wis., called on the House Ethics Committee to conduct its own review of the new allegations against Collins. When the House's ethics committee began investigating the stock trades a year ago, his spokesperson called it a "partisan witch hunt".

Collins's alleged tip helped Cameron, Zarsky and other relatives avoid about $750,000 in losses they would have suffered without knowledge of Innate's clinical failure. Collins is up for re-election in November.

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