Republican New York Rep. Chris Collins Charged With Insider Trading: DOJ

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The U.S. attorney for the Southern District of NY plans to hold a press conference at noon to detail the charges against Collins and the two others.

Collins was indicted along with his son, Cameron, and Stephen Zarsky, the father of Cameron's fiance.

Prosecutors say that Collins improperly traded on inside information from the Australian drug company Innate Immunotherapeutics Limited, on whose board he served.

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A weekly recap of the top political stories from The Globe, sent right to your email. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate.

Successful completion of the trial was necessary for commercialization of the production in the USA, which was meant to treat secondary progressive multiple sclerosis, a stage of the disease that indicates the patient's condition is worsening despite treatment.

Collins has denied any wrongdoing. Indeed, Collins lost $17 million when the company's stock pice dipped down to five cents, according to reports from last June.

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An early supporter of Donald Trump, Collins, who represents suburbs of Buffalo and Rochester, was the first congressman to endorse him, in February of 2016.

On the day after the trial results were released, the company's stock lost 92 percent of its value. "This follows the company previously suggesting a great response to its drug and touting that it stood to generate as much as $3 billion in profits in this country alone", Slaughter said in a statement. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement. The outside, non-partisan Office of Congressional Ethics began a review of Collins' activity in March 2017 and voted to send its findings to the House ethics panel that July, which can formally launch investigations and recommend any sanctions against any lawmaker it determines has broken any rules.

FBN's Ashley Webster on the indictment of Rep. Chris Collins, (R-N.Y.), on charges of insider trading.

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The rising tensions have weighed on Chinese stock and currency markets, with the Chinese yuan falling against the dollar. European soybean imports from the US were likely to increase naturally.

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