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Office of Congressional Ethics: Collins May Have Broken Federal Law over Stocks

Report: Collins shared nonpublic information with investors of Australian drug company

Tom Puckett
October 12, 2017 - 2:17 pm
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Washington, DC (WBEN) The Office of Congressional Ethics says Congressman Chris Collins may have violated federal law and House rules when he shared information with investors of an Australian pharmaceutical company that was not public.

The independent entity says in the report there is “substantial reason to believe” Collins improperly shared nonpublic information in the purchase of Innate Immunotherapeutics stocks. The office adds Collins used his position to pressure the National Institutes of Health to meet with Innate employees to discuss clinical trial designs. House rules prohibit assisting entities in which they have significant financial interests.

The OCE did dismiss an allegation Collins bought discounted stock offered to him based on his position in Congress that was not available to the public.

The office is recommending the House ethics committee review the matter. Only the committee can rebuke lawmakers for rule violations. 

Collins is a board member of Innate and is the largest stockholder.

Collins issued this statement:

“Throughout my tenure in Congress I have followed all rules and ethical guidelines when it comes to my personal investments. I was elected to Congress based upon my success in the private sector, and my willingness to use that experience every day to facilitate an environment that creates economic opportunity and jobs.  I thank the House Ethics Committee for their meticulous review of this case and for the tough work they do to hold all Members of Congress accountable to the highest standards of conduct.”

Michael Caputo on Chris Collins

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