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posted by janrinok on Tuesday October 01 2019, @06:08PM   Printer-friendly
from the how-to-elect-criminals dept.

Reuters, BBC report on the resignation of Rep congressman Chris Collins before the enquiry into insiders trading

NEW YORK/WASHINGTON (Reuters) - Chris Collins, a Republican U.S. congressman from New York state, resigned on Monday ahead of his expected guilty plea in a criminal insider trading case.

A senior Democratic aide speaking on condition of anonymity said Monday that the office of U.S. House of Representatives Speaker Nancy Pelosi had received Collins' letter of resignation, and that it would become effective Tuesday.

Collins, 69, is scheduled to appear in Manhattan federal that day to enter his guilty plea, court records show. Collins' son, Cameron Collins, and another man, Stephen Zarsky, are also scheduled to plead guilty in the case on Thursday.

Chris Collins, an early supporter of President Donald Trump, represents New York's 27th Congressional District, which includes areas surrounding Buffalo and Rochester. He won reelection last November, three months after he was criminally charged.

BBC

He was arrested by the FBI last August after prosecutors alleged that he alerted his son to a failed drug trial, allowing him to divest and avoid more than $500,000 (£406,000) in losses.

Prosecutors allege that he called his son in June 2017 after receiving an email during the congressional picnic at the White House, informing him of the failed drug trial results involving Innate Immunotherapeutics, a company in which his son owned thousands of shares.

abc.net.au

Mr Collins immediately told the trial failure news to his son, who in turn told his fiance, Lauren Zarsky, and her parents, Dorothy and Stephen Zarsky, prosecutors allege.
...
Prosecutors said the congressman was "virtually precluded" from trading, in part because he already faced a congressional ethics probe over Innate.

However, prosecutors said others used the insider information to avoid more than $768,000 in losses when Innate's share price plunged 92 per cent after news of the drug's failure became public.


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  • (Score: 0) by Anonymous Coward on Tuesday October 01 2019, @09:09PM (3 children)

    by Anonymous Coward on Tuesday October 01 2019, @09:09PM (#901479)

    So this is where we're at in 2019.

    Conservatives would rather defend criminal behavior than make the country better. So driven by hate you will hurt yourselves just to hurt "the libs." Not cool, not legal, not smart.

  • (Score: 2) by Azuma Hazuki on Wednesday October 02 2019, @02:01AM (2 children)

    by Azuma Hazuki (5086) on Wednesday October 02 2019, @02:01AM (#901640) Journal

    2019? Try 1972. The rot goes back to Nixon if not further...

    --
    I am "that girl" your mother warned you about...