New York Rep. Christopher Collins, a Republican, is addressing his indictment on insider trading at a press conference Wednesday at 6:30 PM.
Collins was charged by the U.S. attorney for the Southern District of New York on Wednesday. Collins allegedly used inside information about Innate Immunotherapeutics Limited, an Australian biotechnology company, to make illicit stock trades. The congressman was a member of the company’s board.
The indictment charges Collins, his son Cameron, and Stephen Zarsky, the father of his son’s fiancee with conspiracy, wire fraud and other counts. Collins engaged in some of the alleged behavior while at the Congressional picnic at the White House in June 2017.
Collins and his co-defendants were arraigned in New York City Wednesday afternoon, where each of them pleaded not guilty. They were released on $500,000 bond, and are set to return to court in October.
House Speaker Paul Ryan removed Collins from his position on the House Energy and Commerce Committee Wednesday.
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