The U.S. Attorney for the Southern District of NY scheduled a news conference to announce insider trading charges against Christopher Collins, a Republican Congressman representing the 27th District of NY, his son Cameron Collins, and Stephen Zarsky, the father of Cameron Collins's fiancée.
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The House Ethics Committee also opened an investigation into Collins for the stock discussion last October. We are confident he will be completely vindicated and exonerated. When the drug trials failed, the public announcement caused the stock price of Innate to plunge 92 percent.
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All three defendants were in federal custody Wednesday and were expected to make their initial court appearance in the afternoon.
A news conference to detail the charge is scheduled for noon in Manhattan.
Prosecutors allege that Collins passed along secrets to his son, Cameron, in June 2017.
His son then traded on that inside information and passed it to Zarsky, along with numerous unnamed co-conspirators, "so that they could utilize the information for the same goal", according to the indictment.