Serious Federal Charges Against Congressman Chris Collins
Congressman Chris Collins pleaded not guilty in a New York City courtroom on Wednesday related to a federal indictment against him, his son and his son's future father in law charged with insider trading. They're facing 13 counts of securities fraud, wire fraud and false statements to federal agents.
Congressman Collins is accused of advising his son to sell shares of an Australian pharmaceutical company, of which Collins was a board member. Allegedly, the information passed along to his son was privileged information which had not yet been made public.
The FBI apparently has record of a series of phone calls Collins allegedly made to his son and to his son's future father in law after finding out the test trial of a new drug to treat muscular sclerosis had failed. The indictment charges Collins' son and son's future son in law saved hundreds of thousands of dollars in value by selling their shares of stock in the company.
Each of the men then are accused of lying to federal agents about their actions.
Collins himself did not trade any of his shares of the company stock. His lawyers say they plan a vigorous defense and say he will be completely vindicated.