Congressman Chris Collins charged with fraud, insider trading

Representative Chris Collins, from New York, has surrendered to authorities after he was charged along with his son and a third person with multiple counts of securities fraud.

Quote:

Prosecutors at the US Attorney's Office for the Southern District of New York alleged in an indictment that Collins and the other defendants used nonpublic information about the results of a drug trial to trade on the stock of the pharmaceutical company, Innate Immunotherapeutics Limited, of which Collins was a board member. That allowed them, prosecutors allege, to avoid more than $768,000 in losses they would have incurred if they had traded the stock after the drug trial results became public. Collins "placed his family and friends above the public good," said US Attorney Geoffrey Berman at a news conference Wednesday in New York City. Berman also stated Collins "cheated our markets and our justice system."

via International Skeptics Forum https://ift.tt/2vR7aMP