Another Lawmaker Invested in Chris Collins’ Drug Company—and They Teamed Up on Its Behalf
Rep. Chris Collins filed two bills that would have benefited Innate Immunotherapeutics—and his colleague Rep. Billy Long was only lawmaker to co-sponsor both.
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The FBI arrested Rep. Christopher Collins (R-NY) on Wednesday for an alleged insider-trading scheme involving the biotechnology company Innate Immunotherapeutics. The government accuses him of passing inside information gleaned through his seat on the company’s board to his son, a major Innate shareholder, who sold hundreds of thousands of dollars in its stock just before news of a major drug-trial failure went public.
But Collins, who denies any criminal wrongdoing, isn’t the only one who risks being wrapped up in controversy surrounding the company.