News, analysis and interviews with politicians and observers. When the public trial for the drug was about to be announced as a failure. Want to read a little from the complaint. Mis 416 had the potential to be an enormously profitable if the drug trial was successful. The drug, however, failed the drug trial. Public announcement of these results caused the stock price to drop by 92 . In or about june of 2017, Christopher Collins violated the duties he owed to innate by Passing Material Nonpublic information regarding the Drug Trial Results to his son the defendant so that Cameron Collins could use that information to make timely trades in innate stock and tip others. In detail, it was stunning from the actual complaint itself, those phone calls or the initial ones from the congressman to his sn, they took place on the grounds of the white house, during the white house congressional picnic. Anybody who has been paying attention to Chris Collins on capitol hill the last couple of years
Interviews with political figures and news updates. Interviews with political figures and news updates. Able to sell the shares. They have telephone logs, who called whom and when. It appears they have people helping the government out with the testimony. As mimi said, andrea, its kind of overwhelming evidence thats difficult for federal prosecutors to ignore. And chuck todd, weve not yet seen to my knowledge a tweet from the president or any suggestion that this is witch hunt, mueller related. But this is really separate, this is an investigation that started, there was an Ethics Investigation that we heard about some months back, last year sometime. And so this does not come from the Mueller Operation at all. Right. And thats the thing, it has zero to do this is just bad timing, bad coincidence. And it looks bad, right . Here is yet another person close to the president who seems to be taking advantage of access,
special access, or a pay to play issue. The president s ally, the presi
he tipped his sister. and he tipped a friend. two of whom traded on the information. one attempted to trade on the information, but was unable. in total, the conspirators avoided losses of over $768,000 all because of the initial illegal insider trading tip by congressman collins. in this chart, we set some of the key allegations in the indictment against a timeline, a backdrop of the innate share price. on the evening of june 22nd, 2017, congressman collins was at a congressional picnic. and at 6:55, he received an e-mail from the ceo of innate informing him of the horrendous news that the drug had failed
other friends and relatives sold. all because congressman collins violated his duty to keep inate s information secret. and when the news of the drug s failure became public, the stock plummeted. in total, the conspirators used the inside information to avoid over $750,000 in losses. but congressman collins couldn t keep his crime a secret forever. the fbi asked to interview him, and instead of telling the truth, he lied. and so did cameron collins and so did steven czarsky. by lying to the fbi, they compounded their insider trading crime with the crime of criminal cover-up. now i d like to go over these charges which summarize some of
the allegations in the indictment. the first charge is a tipping change. it demonstrates the flow of the illegal insider information and the trading, the illegal trading of that information. at the top of the chain, congressman collins. he had an obligation as innate board member when he received confidential corporate information to receive that information secret until the company announced it to the public. in total disregard of that obligation, minutes after congressman collins received the devastating, highly confidential news that innate s drug had failed its drug trial, congressman collins tipped that inside information to his son so