Republican U.S. Representative Chris Collins of New York vowed to fight the insider trading charges against him and win re-election.
“The charges that have levied against me are meritless, and I will mount a vigorous defense in court to clear my name,” Collins said during a press conference.
The Republican lawmaker promised that he “will continue to work hard” for his constituents while clearing his name.” He also stated that he “will remain on the ballot running for re-election this November.”
On Wednesday, federal prosecutors filed insider trading charges against Collins, his son Cameron and Stephen Zarsky. They also charged the defendants with conspiracy, securities fraud, wire fraud and making false statements to the FBI.
The charges are related to the securities of Innate Immunotherapeutics, an Australian pharmaceutical company. Collins served as a member of the company’s board of directors.
Allegations against Rep. Collins
In the indictment, prosecutors alleged that Collins provided his son and others confidential drug trial results before its public announcement. They say his son, Zarsky, and others traded based on the insider information and avoided suffering losses totaling approximately $768,600.
