New York congressman indicted on insider trading charges - WBNG.com: Binghamton-area News, Weather, Sports

New York congressman indicted on insider trading charges

Posted: Updated:
SOURCE: WIVB SOURCE: WIVB

NEW YORK (AP) -- Republican U.S. Rep. Christopher Collins of New York has been indicted on charges that he used inside information about a biotechnology company to make illicit stock trades.

The charges were announced and the indictment unsealed in New York City on Wednesday.

The indictment charges Collins and two others, including the congressman's son, with conspiracy, wire fraud and other counts.

Prosecutors say the charges relate to a scheme to gain insider information about a biotechnology company headquartered in Sydney, Australia, with offices in Auckland, New Zealand.

According to the indictment, the defendants tried to get early word on the results of tests by Innate Immunotherapeutics Limited.

The company developed a drug intended to treat Secondary Progressive Multiple Sclerosis.

Collins has denied any wrongdoing. Attorneys for Representative Chris Collins released the following statement Wednesday: 

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name.  It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock.  We are confident he will be completely vindicated and exonerated. Congressman Collins will have more to say on this issue later today."

Powered by Frankly