Rep. Chris Collins, R-N.Y., accused of insider trading by federal prosecutors, defended his actions on Wednesday during his first in-person remarks since being indicted.
“The charges that have been levied against me are meritless, and I will mount a vigorous defense in court to clear my name,” Collins, the first sitting member of Congress to endorse President Trump, said at a Wednesday night press conference in Buffalo, N.Y., alongside his wife. “I look forward to being fully vindicated and exonerated, ending any and all questions relating to my affiliation with Innate.”
Collins, who was the largest stockholder in Innate Immunotherapeutics Limited, said he was “proud” of his association with the Australia-based pharmaceutical company, which was developing a drug to combat secondary progressive multiple sclerosis.
Collins’ legal troubles stem from phone calls he placed to his son Cameron Collins in 2017 shortly after Innate’s CEO advised him of a failed drug trial.
Federal prosecutors from the U.S. Attorney’s Office for the Southern District of New York allege Cameron Collins used the information to make timely trades and to share tips with others, including his soon-to-be father-in-law. The trades allowed them to avoid $786,000 in losses, according to the indictment.
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“Throughout my tenure in Congress, I have followed all rules and all ethical guidelines when it comes to my personal investments, including those with Innate,” Chris Collins said Wednesday. “When it became clear that the drug I and others believed in fell short of our hopes and expectations, I held on to my shares rather than sell them.”
“As a result, the significant investment I made in the company worth millions of dollars were wiped out. That’s OK. That’s the risk I took,” he continued. “My real concern lies with the millions of people suffering from secondary progressive MS, who, to this day, struggle without life-saving treatments for their deadly disease.”
Collins will continue to serve New York’s 27th Congressional District and will remain on the ballot for re-election in November, he added.
Collins pleaded not guilty to all charges in a federal court in Manhattan Wednesday afternoon, paid a $500,000 personal recognizance bond, and surrendered his passport.
Cameron Collins and Stephen Zarsky, the father of Cameron Collins’ fiancee, were also charged and pleaded not guilty.
Their next court appearance is scheduled for Oct. 11.
