NY Congressmember Chris Collins Charged with Insider Trading

HeadlineAug 09, 2018
H10 collins

Federal prosecutors have charged New York Republican Congressmember Chris Collins with insider trading. Prosecutors say Collins received an email from the head of an Australian drug company, in which Collins was the largest shareholder, telling him the company’s only drug had just failed its scientific trial. They say he immediately called his son, who then sold off his stocks, saving $600,000. Collins sits on the board of the company. If convicted, Collins could face up to 150 years in prison. Collins was the first member of Congress to endorse Donald Trump’s presidential bid. Collins’ son and his son’s fiancée’s father have also been charged in the scheme. Collins says he will still run for re-election in November.

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