New York • Republican U.S. Rep. Christopher Collins of New York was arrested Wednesday on charges he fed inside information that he gleaned from sitting on the board of a biotechnology company to his son, helping others dodge hundreds of thousands of dollars in losses when bad news came out.
An indictment unsealed in federal court in Manhattan charges Collins, the congressman's son and the father of the son's fiance with conspiracy, wire fraud and other counts.
Prosecutors say the charges relate to a scheme to gain insider information about Innate Immunotherapeutics Limited, a biotechnology company headquartered in Sydney, Australia, with offices in Auckland, New Zealand.