Prosecutors say the Clarence Republican tipped off his son to bad news from a company they owned stock in.
Instead of Chris Collins for Congress in 2018. It’s Chris Collins for Prison in 2018.
What does Collins have common with Donald J Trump?
both from New York State
Collins was the first member of Congress to back Trump before the 2016 election
both kept their business interests while in office.
the Trump Foundation and the Trump Family are being sued by New York State for using their “charity” as their own ‘piggy bank’
the Trump Foundation and the Trump Family are being investigated for Tax Fraud and Tax Evasion
Summary of how Collins used Insider Information
Chris Collins and his 25 year old son Cameron were big shareholders in Australia-based company Innate Immunotherapeutics Ltd.
CEO emailed Collins and other Innate directors on June 22, 2017, to say the drug had failed.
7:10 pm: Collins wrote back at "Wow, "Makes no sense. How are these results even possible???"
7:11 to 7:15 pm: Collins calls his son Cameron 6 times because son didn’t answer
7:16 pm: Cameron answers and they talk for 6 minutes.
"He tipped his son to confidential corporate information at the expense of regular investors," U.S. Attorney Geoffrey Berman
Collins didn't sell off — but his son and allies did
Over the next few days, however, Cameron Collins sold off nearly 1.4 million shares of Innate stock.
Prosecutors have also accused Cameron Collins of tipping off his fiancee, his fiancee's parents and a friend. They sold off stock or tried to, too.
After markets closed on June 26, Innate announced the news of the failed drug trial public.
The stock tanked — dropping from a value of about 46 cents per share on June 26 to about 4 cents per share the next day.
Collins' son, co-conspirators save $768K
Besides being charged with Securities Fraud, Chris Collins lied to the FBI when interviewed.
Cameron Collins and Stephen Zarsky, 66, are also accused of lying to the FBI.
Indictment page from Erica Orden, CNN reporter
