BONUS! 6 Republicans are connected to the Collins insider trading scandal #LockThemUp
These four plus ep. Markwayne Mullin (R-OK) and Rep. Billy Long (R-MO).
1. Tom Price, who served as Secretary of Health and Human Services. During his confirmation hearings, Price was accused of taking advantage of a special deal on Innate stock only available to a select number of lawmakers at a discount offered by Collins.
2. Rep. John Culberson (R-TX): The Texas Republican claimed he heard about Innate from media reports, but as the Houston Chronicle noted, it’s not clear which. At the time of his purchase, Innate was described as “a tiny pharmaceutical company from Australia that has no approved drugs and no backing from flashy venture capital firms.” The Chronicle pointed out that Culberson’s past investment history does not square with his purchase of biotech stocks and his opponent, a research physician, has wondered what led Culberson to invest, “since at the time he bought it in January there had been no published research articles or significant clinical trial updates on the drug, known as MIS416.”
3. Rep. Mike Conaway (R-TX) is another Texas lawmaker who bought large shares in Innate. He does not appear to have purchased Innate stock at a discount.
4. Rep. Doug Lamborn (R-CO) sat Health Subcommittee of the Committee on Energy and Commerce at the time of his stock purchase, raising a possible conflict of interest, reports the Daily Beast.
Googled, insider trading, 'if a tells b and b tells c can c be charged?' and got
The gray art of not quite insider trading
Illustration: Chad Hagen
By Roger Parloff August 15, 2013
[...]
To be sure, neither Source A nor most of his peers contact drug-study doctors anymore. But that’s not necessarily because it was illegal then or now. Rather, it’s because general counsels and compliance officers across the industry have gotten a lot antsier about keeping their colleagues from getting anywhere close to the line. The primary stimulus for the new scrupulousness is no mystery. In the summer of 2006 Manhattan U.S. Attorney Preet Bharara commenced a massive insider-trading investigation that burst into public view in October 2009 with the arrest of Raj Rajaratnam, founder and head of the $7 billion Galleon Group hedge fund. So far, Bharara has arrested 83 individuals, of whom 74 have already been convicted.
[...]
Should we pity, then, the 83 people caught up in Bharara’s net so far? Are they being persecuted for having stepped over lines that are too murky to make out, or for conduct that has become illegal only in retrospect?
Just skimmed it so not 100% if c could be charged, but because Bharara snagged so many in that one guessing maybe the answer could be yes. Then again in Collins's case, while apparently his daughter also had shares, and sold them, only Collins himself, his son Cameron and Cameron's fiance's father have been charged.
Maybe someone will read this and tell us easily what the deal is.
One other on the case.
GOP Rep. Chris Collins' son and son's fiancee bought drug company stock days before Collins warned about failed trial, the SEC alleges
* Rep. Chris Collins' son and the son's fiancee bought shares of an Australian pharmaceutical company just days before dumping those and much more of the firm's stock in June 2017.
* Collins, R-NY, allegedly set off those sales by tipping his son off about a failed clinical drug trial in a phone call from the White House lawn, according to a Securities and Exchange Commission complaint.
* Collins' son, Cameron Collins, and the son's accountant fiancee, Lauren Zarsky, had purchased the stock of Innate Immunotherapeutics in June 2017 because they believed — mistakenly, it turned out — that the trial for the company's multiple sclerosis treatment would yield positive results.
[...]
Cameron Collins and his sister Caitlin were the third- and fourth-largest shareholders, with each owning 2.65 percent of the company at that time, or 5.2 million shares apiece.
[...]
Fighting the charges
Chris Collins himself did not, and actually could not, sell any of his shares in Innate because they were held in an Australian account, before the company's stock price cratered on the heels of public disclosure of the test results.
[...]
Neither Lauren Zarsky nor her mother were criminally charged. However the SEC said related civil charges against the two women have been settled.
"Lauren Zarsky agreed to disgorge her ill-gotten gains of $19,440, plus prejudgment interest of $839, and pay a civil penalty of $19,440," the SEC said in a press release.
"Dorothy Zarsky agreed to disgorge her ill-gotten gains of $22,600, plus prejudgment interest of $975, and pay a civil penalty of $22,600."
"Lauren Zarsky, a CPA, has also agreed to be suspended from appearing or practicing before the SEC as an accountant, which includes not participating in the financial reporting or audits of public companies," the agency said.
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