WASHINGTON – The House Ethics Committee says it’s extending its review of a congressman whose stock market trades prompted an advocacy group to request an investigation for possible violation of insider trading or conflict of interest laws.
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Republican Rep. Chris Collins of New York was the largest shareholder of Australia’s Innate Immunotherapeutics and was on the company’s board of directors.
Advocacy groups say Collins sponsored legislation that could potentially benefit the company.
As part of its extension, the House Ethics Committee has released the findings of the independent Office of Congressional Ethics.
That office says there was substantial reason to believe Collins shared material, nonpublic information in the purchase on Innate stock. It’s recommending dismissal of the allegation Collins purchased discounted stock unavailable to the public.