Publicado: Jue, Agosto 09, 2018
Global | Por Milagro Delgado

Exactly When Prosecutors Say He Committed Insider Trading

Exactly When Prosecutors Say He Committed Insider Trading

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name".

The charges stem from an ethics investigation that was launched a year ago following accusations that Collins shared non-public information about an Australian biotech company. We are confident he will be completely vindicated and exonerated.

The indictment charges 68-year-old Collins; his son, Cameron Collins; and the father of his son's fiancée, Stephen Zarsky, with conspiracy, securities fraud, wire fraud and making false statements to the Federal Bureau of Investigation.

He also tweeted on Wednesday that he meant to "fight to clear my name".

The indictment in United States v. Christopher Collins et al, brought in the Southern District of NY, alleges that Collins, one of the largest shareholders of the Australian biotechnology company Innovative Immunotherapeutics, gave his son advanced warning that the company's massive clinical trial of a therapy for multiple sclerosis had failed, before they had issued a press release, and that his son proceeded to divulge the information to family and friends.

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The congressman is alleged to have helped family and friends avoid more than $768,000 in losses through stocks tips based on confidential information.

Over the next four days, Cameron Collins would sell nearly 1.4 million of his 5 million shares of Innate, in addition to allegedly tipping off a friend, fiance Lauren Zarsky and her parents, Stephen and Dorothy Zarsky, who all dumped their stock before the trial results were made public, prosecutors charged.

The fraud counts relate to securities of an Australian biotechnology company called Innate Immunotherapeutics, where Collins served on the board. Investigators say Collins also holds 16.8% of Innate's stock.

Prosecutors allege that Collins passed along secrets to Cameron in June 2017, and that Cameron then traded on the inside information and passed it on to Zarsky, who allegedly traded on it and tipped off at least three others.

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