Rep. Chris Collins was arrested today by federal prosecutors on charges that he participated in insider trading. He allegedly schemed with his son in an attempt to stop the loss of money on a biotechnology investment, according to The Washington Post.
Collins gained knowledge that a company, Innate Immunotherapeutics, had a trial drug that wasn’t testing well. Collins allegedly tried passing off the information to his son, which prosecutors allege led to his son and others using that knowledge to avoid a situation where $700,000 could have been lost.
Collins “helps write the laws of this country,” Geoffrey S. Berman, the U.S. attorney for the Southern District of New York, continuing that Collins “acted as if the law did not apply to him.”
Collins didn’t want to cause a scene and reported to feds to turn himself in Wednesday morning. He had to show up to a Manhattan federal court in the afternoon to plead not guilty.
Collins’s attorneys said they would “mount a vigorous defense to clear his good name, adding that “we are confident he will be completely vindicated and exonerated.”
At a press conference he held Wednesday evening, he said “the charges that have been levied against me are meritless and I will mount a vigorous defense in court to clear my name.”