READ: Chris Collins Insider Trading Indictment Court Documents

Chris Collins

Price and Collins purchased almost $1 million in discounted stock in the company.

Insider trading occurs when an individual has access to information that isn't available to the public and trades stocks or securities based off the insider information.

Also charged with insider trading in the indictment is Collins' son, Cameron, and Stephen Zarsky, the father of Cameron Collins' fiancée, according to the U.S. Attorney's Office in the Southern District of NY. He will be arraigned later Wednesday.

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name", attorneys for Collins said in a statement issued by his office.

Collins bought another $1 million in Innate stock four months before that bill was signed into law, congressional financial disclosure records showed.

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In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court. "Federal prosecutors said Collins tipped his son to the failure of a test drug for multiple sclerosis", he writes.

"In the hours and days after learning of the drug trial results, [Collins], his son and their associates exchanged a flurry of calls", said Steven Peikin, co-director of the U.S. Securities and Exchange Commission (SEC) enforcement division.

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.

The pro-Trump politician, who is up for re-election in November, has been a member of Congress since 2013, representing suburban and rural areas around the New York State city of Buffalo. Collins' Democratic challenger, Nate McMurray, called the charges "shocking and sad, but not surprising".

The district includes Genesee, Livingston, Orleans, and Wyoming counties and parts of Erie, Monroe, Niagara and Ontario counties.

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Collins' trades in Innate Immunotherapeutics had already been the subject of a House ethics probe.

In fact, before his indictment Wednesday on insider trading, you may not have ever heard of Rep. Chris Collins (R-N.Y.).

Collins was taken into custody in Manhattan.

The office investigated allegations that he benefited by having access to discounted stock because of his status as a congressman. "The investigation yielded a detailed footprint left by the defendants, revealing their frantic efforts to sell shares and warn others before Innate announced bad news". His son allegedly both acted on the information and conveyed it to Stephen Zarsky, the father of his fiancee.

Collins, one of the staunchest allies of President Donald Trump in the Congress, was also charged with lying to the Federal Bureau of Investigation during an April 2018 interview, as prosecutors charge that he relayed information about a failed drug trial by the company, Innate Immunotherapuetics.

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