Coverage of national and international news, including breaking stories. 2016. He was a very close ally of tom price, instrumental in price being chosen as Hhs Secretary. You know price has since left that post. Collins attorneys have released an official statement saying quote, we will answer the charges filed against Congress Collins in court. And will mount a vigorous defense to clear his good name. It is notable that even the government does not allege that congress man collins traded a single share of innate therapeutic stock. We are confident hell be completely vindicated and exonerated. The complaint also alleged that collins was at the white house attending the Congressional Picnic when he conducted some of the activity that led to the Insider Trading charges. This one is extraordinary for me. Hes nots just being investigated. Hes not just being charged. He was arrested. They knocked on his door and arrested him. A serving congressman. Wow. Joining me now nbc news
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counter market here. so those shares were not held. that allowed his son, according to the indictment, to be able to place a number of orders and safe hold on a second. when you talk about the but hold on a second. when you talk about the trading halting. that s for regular shareholders. if you re on the board of directors, aren t you held to a different standard? that s exactly correct. that s the reason why and the congressman s attorneys are absolutely correct. congressman is not charged with selling shares or doing trading. as a matter of fact he lost a significant amount of money. but when you have nonpublic information about the company that may be material to the company in it stock, you cannot share that information before it s made public. so i can know about it because i m on the board of directors but i can t share that with somebody else before the company released a statement.