Congressman Chris Collins (R – NY) was arrested this morning by the FBI shortly after he was indicted for securities related fraud related to insider trading allegations. From NBC:
Chris Collins, a Republican congressman from upstate New York, surrendered to the FBI on Wednesday morning on securities fraud-related charges, prosecutors said.
Collins, 68, faces insider trading charges along with his son, Cameron Collins, and Stephen Zarsky, the father of Cameron Collins’ fiancée, according to the U.S. Attorney’s Office in the Southern District of New York.
The case is related to Innate Immunotherapeutics, an Australian biotech company, on which the elder Collins served on the board.
Congressman Collins was the first member of the House of Representatives to endorse the President’s campaign and was a member of the transition team. But there is no indication in the reporting that Congressman Collins’ very overt and very suspect financial dealings and their interaction with his legislative work is in any way connected to the Special Counsel’s investigation.
This hopefully puts a little fear of God into members of Congress. Far too many members of Congress in both chambers enter Congress well off and, after a career making between $140 to $175K a year (rank and file versus leadership), leave Congress very, very wealthy. The reasonable suspicion is that much of this wealth is the result of trading on what they learn in the course of their congressional duties. This is clearly unacceptable and must be stopped. Unfortunately the people who would have to take action to stop it are also the people who are engaged in it.
Wonder if Trump will take credit for this.
This was apparantly a family affair: Prosecutor says Congressman's son, fiancee, fiancee's mother were all selling shares in drug company on which Congressman was board member based on tip about failed drug trial that sent price of stock "off the cliff"— Andrea Mitchell (@mitchellreports) August 8, 2018