New York GOP representative charged with insider trading

NEW YORK — Republican U.S. Rep. Christopher Collins of New York was arrested Wednesday on charges he fed inside information he gleaned from sitting on the board of a biotechnology corporation to his son, helping family and friends dodge hundreds of thousands of dollars in losses when one of the company’s drugs failed in a medical trial.

Collins, a staunch supporter of President Donald Trump who was among the first sitting members of Congress to endorse his candidacy for the White House, pleaded not guilty to an indictment unsealed at a court in Manhattan. The indictment charges Collins, his son and the father of the son’s fiancee with conspiracy, securities fraud, wire fraud and making false statements to the FBI.

Speaking to reporters in Buffalo hours after his release on bail, Collins, 68, professed his innocence and said he would remain on the ballot for re-election this fall.

“I believe I acted properly and within the law at all times,” he said. “I will mount a vigorous defense in court to clear my name. I look forward to being fully vindicated and exonerated.”

Prosecutors said the charges stem from Collins’ decision to share with his son insider information about Innate Immunotherapeutics Ltd., a biotechnology company headquartered in Sydney, Australia, with offices in Auckland, New Zealand.

Collins was the company’s largest shareholder, with nearly 17 percent of its shares, and sat on its board.