New York Congressman Chris Collins indicted on insider trading charges

Rep. Chris Collins R-NY. speaks in Cleveland

Rep. Chris Collins R-NY. speaks in Cleveland

"Many Republican leaders are struggling to come to terms with Donald Trump as their party's nominee: Some are declining to immediately endorse him, while others say outright that they won't support him and are searching for a third-party alternative to back this fall", RealClearPolitics wrote in the piece.

Republican U.S. Rep. Christopher Collins of western NY state has been indicted on charges that he used inside information about a biotechnology company to make illicit stock trades. A press conference is scheduled for noon on Wednesday.

The Justice Department announced an indictment against Collins, his son Cameron Collins, and Stephen Zarsky, the father of Cameron Collins's fiancee Wednesday.

Prosecutors say the charges relate to a scheme to gain insider information about a biotechnology company headquartered in Sydney, Australia, that has offices in Auckland, New Zealand. Zarsky is also said to have made trades.

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name", Collins's attorneys said in a statement posted on his website. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate.

In October, a congressional ethics investigation determined there was "a substantial reason to believe" Rep. Collins violated federal law when he promoted stock in Innate Immunotherapeutics using insider information.

The statement indicated that Collins would address the charges later on Wednesday.

Chris Collins, his son and Zansky avoided $768,000 in losses, according to the indictment. He and the other defendants are charged with securities and wire fraud, conspiracy and lying to investigators.

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