Christopher Collins indicted on insider trading charges

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The U.S. attorney for the Southern District of NY is expected to detail the charges in a press conference at noon.

An Office of Congressional Ethics report earlier this year found that Collins may have violated federal law by sharing nonpublic information with investors of the Australian pharmaceutical company.

In the 22-page civil complaint, Collins, his son Cameron, and Stephen Zarsky, the father of Cameron's fiancee, are accused of insider trading.

Within minutes, Chris Collins phoned his son and relayed the information "knowing that it was in breach of his duties to Innate and anticipating that Cameron Collins would use it to trade and tip others", the documents state.

The U.S. Attorney's Office in Manhattan will speak about the indictment during a news conference scheduled for noon.

Pompeo says Iran sanctions will be enforced
Authorities reported the first fatality among protesters, with the shooting of a man in Karaj, west of Tehran. Sanctions on trade in Iranian metals and automobiles go back into effect Monday.

Collins' lawyers noted in a statement that the government has not said the congressman traded any shares of the stock. Collins is the company's largest shareholder and serves on its board of directors, attending its meetings by phone.

In 2017, Rep. Louise Slaughter (D-N.Y.), called for an investigation, citing Collins' cozy relationship with the biotech drug company after its value dropped. Collins learned about the failure of a multiple sclerosis drug trial, MIS416, and passed on that information before that information was released publicly, prosecutors said.

Collins was the first congressman to endorse Donald Trump's 2016 presidential campaign, and has been a loyal defender of Trump's agenda on Capitol Hill.

All along, Collins denied any wrongdoing. Collins, 68, was charged with conspiracy to commit securities fraud, securities fraud, conspiracy to commit wire fraud, wire fraud and making false statements, according to the indictment.

According to the indictment, the elder Collins was not able to sell his stock because it was held in Australia, where trading had been halted in advance of the company's announcement.

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