Rep. Chris Collins was arrested Wednesday morning on federal charges relating to securities fraud. According to WGRZ, the Buffalo area congressman surrendered to the FBI in Manhattan.
The U.S. Attorney’s Office for the Southern District has scheduled a press conference for noon to discuss the charges.
A 22-page civil complaint accuses Collins, his son Cameron, and Stephen Zarsky, the father of Cameron’s fiancee, of insider trading. Specifically, Collins is accused of using information from negative clinical trial tests conducted by Innate, a pharmaceutical company.
Collins was a member of Innate’s board of directors.
Source: Sean Lahman, Rochester Democrat and Chronicle
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