Sunday, April 11, 2021

Rep. Chris Collins set to plead guilty to insider trading charges

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Republican lawmaker Chris Collins, representing New York congressional district is set to plead guilty in insider trading case.

The fourth-term Republican was the first congressman to endorse Donald Trump during the 2016 campaign. Mr Collins, 69, was accused of helping his son and others with privileged information on a drug company.

Collins, serve as a board member on the Australian biotech company, Innate Immunotherapeutics. His position allowed him access to private information, which he passed to his son, Cameron and Zarsky, father of Cameron Collins’ fiancee.

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The congressman’s son, Cameron Collins and Stephen Zarsky traded on the information from Rep. Chris Collins to avoid financial losses.

The three men were arrested in 2018 and pleaded not guilty to trading on non-public information. The congressman and his co-conspirators are expected to plead guilty according to document filled in Manhattan federal court.

It is not clear if the congressman will resign from his position. Mr Collins narrowly won his re-election in 2018.

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