New York Republican Rep. Chris Collins was indicted on insider trading charges on Wednesday morning, federal prosecutors said. Collins’ charges include using inside information about Australian biotechnology company Innate Immunotherapeutics to make stock trades, CBS News reported.
A grand jury indicted Collins for passing private material to his son Cameron in June 2017, so that Cameron “could use that information to make timely trades in Innate stock and tip others” about a drug the company developed to treat Secondary Progressive Multiple Sclerosis.
Cameron owned more than 2% of Innate stocks, and then passed the information to Stephen Zarsky, his fiancée’s father, prosecutors said, according to NBC News.
