USA prosecutors on Wednesday said Chris Collins, a Republican congressman from Western New York, has been indicted for insider trading in connection with the securities of Australian biotechnology company Innate Immunotherapeutics Ltd.
In addition to Collins himself, Collins' son, Cameron, and Stephen Zarsky, the father of Cameron Collins' fiancée, were also charged as part of the indictment for securities fraud. The case involved Innate Immunotherapeutics, an Australian biotech company. for which Collins served as a board member.
Attorneys representing Collins said in response to the indictment that they are confident the congressmen will be "completely vindicated and exonerated", NBC producer Alex Moe reported. The U.S. attorney for the Southern District of NY is expected to detail the charges in a press conference at noon. The probe made a similar finding about a 2013 meeting Collins attended at the National Institutes of Health, where he asked staff to meet with the Australian company about clinical trial designs.
"Many Republican leaders are struggling to come to terms with Donald Trump as their party's nominee: Some are declining to immediately endorse him, while others say outright that they won't support him and are searching for a third-party alternative to back this fall", RealClearPolitics wrote in the piece.
"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name".
Prosecutors say the three avoided over $768,000 in losses by trading ahead of the public announcement of the failed drug trials.
The lawyers said Collins will say more on the indictment later on Wednesday.