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
members and we have a trading fest going on during which they save $750,000 in potential losses because of the insider information. the poor members of the public who find out about it the next day get crushed because the stock plummets by over 90%. this is a classic insider trading case. and what s not classic about it, though, is we have a congressman who sat on the board of directors of a company, pharmaceutical type company, that was doing, you know, a major trial in a case. he makes the laws releasing to this. he s the one the fda answers to in these trials. so i think that s very surprising in and of itself. forgive me. i m not sure if this is a legal question or common sense question in the sense that if this played out as just detailed by the u.s. attorney, seven times trying to call his son on a cell phone, standing on the white house grands because he s there for congressional picnic. then they go to the fiance s family s house. then the next day they sell the