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
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
in losses. collins himself, having been prohibited from selling his shares for various reasons, did not avoid a financial loss. despite this fact, his alleged actions bought him face-to-face with federal agents who had become aware of the crime that had been committed. when questioned by law enforcement about the alleged dealings, congressman collins, his son cameron, cameron s fiance s father steven czarsky, lied, plain and simple. today they are charged with insider trading and lying to federal law enforcement agents. while collins may have thought giving his family and friends a heads-up about material nonpublic information would benefit them in the long run, here s a better inside tip for those who think they can play by a different set of rules. access to this kind of information carries with it significant responsibility. especially for those in society who hold a position of trust. act honorably and in accordance
congressman collins cheated our markets and our justice system in two ways. first, he tipped his son to confidential corporate information at the expense of regular investors, and then he lied about it to law enforcement to cover it up. also charged is his son, cameron collins, and steven czarsky, the father of cameron s fiance. these charges are a reminder that this is a nation of laws and that everybody stands equal before the bar of justice. now i d like to go into the details of the allegations a little more. in addition to serving in the house of representatives, congressman collins was also on the board of directors of innate
that his son could trade. cameron collins. when he received that illegal inside information, he did two things, both of which are illegal. he sold stock based on that inside information and avoided $570,000 in losses. and he also took that illegal inside information and tipped others. he tipped his fiance. he tipped his fiance s wife. he tipped his fiance s father and he tipped a friend. all of whom traded on that illegal inside information. steven czarsky, his fiance s father, avoided $143,000 in losses by trading on that information and he tipped others. he tipped his brother.