GOP Rep. Collins Arrested, Charged With Insider Trading By New York Prosecutors

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Two Texas Republicans are among the lawmakers who invested in an obscure Australian pharmaceutical company at the center of insider trading charges leveled Wednesday against Rep. Chris Collins, R-N.Y.

The indictment relates to "securities of Innate Australian biotechnology company on whose board of directors Christopher Collins served", the DOJ said. Both of those men traded on the tips before the results were public, and are also charged in the indictment.

While the drug failed testing tanked the company's share price by 92 percent, Collins' tip allowed all three men to avoid almost $800,000 in losses, according to the indictment.

Chris Collins' lawyers responded swiftly, insisting he will be "completely vindicated".

Collins, who was the first sitting member of Congress to endorse Donald Trump's presidential bid, surrendered Wednesday morning at his attorney's office in Manhattan, according to the Federal Bureau of Investigation. Indeed, Collins lost $17 million when the company's stock pice dipped down to five cents, according to reports from last June.

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.

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The Office of Congressional Ethics recommended the House ethics committee dismiss a third charge against Collins regarding a discount he received on a private sale of Innate stock because he was a member of Congress.

Collins reportedly surrendered to federal agents in Manhattan this morning and was taken into custody.

"We will answer the charges filed against Congressman Collins in court and will mount a vigorous defense to clear his good name", Collins' attorneys, Jonathan Barr and Jonathan New, said in a statement on Wednesday.

No allegations of misconduct have been leveled against him or Conaway, a former chairman of the House Ethics Committee.

Collins was one of President Donald Trump's earliest supporters and acted as the congressional liaison for Trump's 2016 campaign.