BUFFALO, NY-- Congressman Chris Collins (R-Clarence) was arrested Wednesday morning after a federal grand jury indicted him on insider trading charges as well as lying to federal agents.
Collins was charged, along with his son Cameron Collins and Stephen Zarsky, the father of Cameron Collin's fiancee. All are being processed by the FBI in Manhattan.
The charges stem from an ethics investigation that was launched last year following accusations that Collins shared non-public information about an Australian biotech company. The indictment alleges Chris Collins passed the information on to his son Cameron, who allegedly used the information to purchase stock and tip others. Cameron Collins is accused of providing that information to Zarsky, and others not named in the indictment, for the same purpose.
Collins is a board member of the biotech company, called Innate Immunotherapeutics Limited. Investigators say Collins also holds 16.8% of Innate's stock.
All along, Collins denied any wrongdoing. Attorneys representing Rep. Collins issued this statement on 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."
