Chris Collins is worth $120 million according to Money Reign. On Wednesday, August 8, 2018, Collins was indicted on insider trading charges. NBC reports that the case involves Innate Immunotherapeutics, a biotech company.
The following tweet reveals that Collins’ chief of staff had between $1 million and $5 million of Innate’s stock. Collins warned his son about a failed clinical trail yet he didn’t warn his chief of staff.
Collins was a member of Innate Immunotherapeutics’ board. According to CNBC reports that the indictment also includes Collins’ son, Cameron and the father of Cameron’s fiancee, Stephen Zarsky.
Heavy reports that Collins is ranked amongst the top richest members of Congress. In 2016, Collins became the first member of Congress to endorse Donald Trump for president. Collins also served as the congressional liaison on Trump’s transition team.
It is rare for a member of Congress to be arrested. They are usually indicted but when a member of Congress is arrested it usually means the FBI thought that the individual could attempt to destroy evidence. Indicting Collins would have enabled him to turn himself in.
What do you think about Chris Collins being arrested for insider trading? Share your thoughts in the comment section below.
Jason John is based in Maryland and covers Empire BBK’s News and Entertainment. He was previously a producer for the mobile site, helping to present Empire BBK’s news report to readers. More