Rep. Chris Collins, R-N.Y., was arrested Wednesday on charges related to insider trading.
A federal grand jury accused the Buffalo-area lawmaker of passing nonpublic information about a biotech company to his son, who traded on the information and passed it along to others.
Collins was indicted along with his son, Cameron, and Stephen Zarsky, the father of Cameron's fiancée.
According to the newly-unsealed indictment, timely sales based on inside information allowed Cameron Collins, Zarsky and others to avoid losses totaling more than $768,000 when the biotech company, Innate Immunotherapeutics, failed a key clinical trial in June of last year.
Rep. Collins was a director of the company and also a major investor. He and the other defendants are charged with securities and wire fraud, conspiracy and lying to investigators.
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04.28.2025