New York Congressman Chris Collins Indicted on Insider Trading Charges

New York Congressman Chris Collins Indicted on Insider Trading Charges

Chris Collins has been indicted on insider trading charges, federal prosecutors announced Wednesday.

The indictment also names his son, Cameron Collins, and Stephen Zarsky, the father of his son’s fiancée. The fraud counts relate to securities of an Australian biotechnology company called Innate Immunotherapeutics, where the congressman served on the board.

“Christopher Collins, the defendent, violated the duties he owed to Innate by passing material; nonpublic information regarding the Drug Trial results to his son, Cameron Collins, the defendent, so that he could use that information to make timely trades in Innate stock and tip others,” the indictment states. “Cameron Collins traded on the inside information and passed it to Stephen Zarsky.”

Among the charges, the defendants are accused of multiple counts of securities fraud, along with one count of wire fraud, one count of conspiracy to commit wire fraud and one count each of making false statements.

The Republican congressman, who has served New York’s 27th District since 2013, surrendered to federal agents in Manhattan on Wednesday morning and is expected to appear in federal court in lower Manhattan later in the day.

The U.S. attorney for the Southern District of New York plans to hold a press conference at noon to detail the charges against Collins and the two others.