Sharing the results

Trump-supporting Congress dude busted for insider trading.

Rep. Chris Collins, R-N.Y. was arrested Wednesday morning on federal insider trading charges, law enforcement officials said.

An indictment obtained from a federal grand jury alleges relates to Australian biotech company Innate Immunotherapeutics, on which Collins served as a board member.

The indictment alleges Collins scrambled to call his son from the White House lawn and tell him non-public information about a failed drug trial in which they both owned shares.

Nice touch that he did it from the White House lawn. I wonder if he passed Melania in her $1400 plaid shirt and pristine jeans pretending to “garden.”

Collins was Trump’s first supporter in Congress, and was reportedly a member of his transition team after the 2016 presidential election. The 27th congressional district in New York, which Collins currently represents, voted for Trump at a higher level than any other district in the state in 2016.

Well they have so much in common – the corruption, the corruption, and the corruption.

The GOP congressman reportedly surrendered to federal agents in Manhattan on Wednesday morning. He is expected to appear in federal court in lower Manhattan later today. The U.S. attorney for the SDNY is expected to detail the charges in a press conference at noon.

It was just a little phone call.

The indictment reveals that the results from a more than three-year-long clinical trial for Innate’s primary drug were passed to the company’s board members on June 22, 2017. The trial, Innate CEO Simon Wilkinson told the board in an email, was a failure.

“I have bad news to report,” Wilkinson wrote, explaining the “clinical failure” of the trial. The company’s stock price “was tied to the success” of the drug, the indictment says.

Collins was attending a congressional picnic at the White House at the time he received the email. He replied: “Wow. Makes no sense. How are these results even possible???”

About a minute after responding to the email, Collins called his son twice, but was not able to get through. Cameron Collins called him back three more times, apparently to no avail, as well.

On his fourth attempt, Collins connected with his son and spoke for just over six minutes, explaining that Innate’s drug trial had failed.

Innate issued its press release on the night of June 26; in the next trading session, the stock plummeted more than 90 percent.

Ooooopsie.

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