GOP Rep. Chris Collins surrendered to federal agents in New York on Wednesday to face insider trading charges. CNBC quotes the Justice Department as saying the indictment is tied to "securities of Innate Immunotherapeutics ... an Australian biotechnology company on whose board of directors Christopher Collins served." The allegation is that Collins told his son Cameron nonpublic information about the company's drug trials in order to facilitate "timely trades." His son allegedly both acted on the information and conveyed it to Stephen Zarsky, the father of his fiancee. Zarsky is also said to have made trades. More:
- The info allegedly allowed Cameron Collins, Zarsky, and others to sidestep more than $768,000 in losses that they would have otherwise experienced, per the indictment. Both of those men are charged as well.