Updated : Oct 03, 2019 in Articles

Former Congressman Chris Collins Pleads Guilty To Insider Trading | Velshi & Ruhle | MSNBC


FIRST.>>MICHAEL, GOOD TO TALK TO YOU.>>MICHAEL, GOOD TO TALK TO YOU. THANK YOU FOR JOINING ME AN. THANK YOU FOR JOINING ME AN. A SENIOR FELLOW AT THE CENTER A SENIOR FELLOW AT THE CENTER FOR AMERICAN PROGRESS. FOR AMERICAN PROGRESS.>>>WE HAVE BREAKING NEWS.>>>WE HAVE BREAKING NEWS. MOMENTS AGO, NOW-FORMER MOMENTS AGO, NOW-FORMER CONGRESSMAN CHRIS COLLINS CONGRESSMAN CHRIS COLLINS PLEADED GUILTY IN AN INSIDER PLEADED GUILTY IN AN INSIDER TRADING CASE IN A FEDERAL TRADING CASE IN A FEDERAL COURTROOM IN MANHATTAN. COURTROOM IN MANHATTAN. PLED GUILTY TO ONE COUNT OF PLED GUILTY TO ONE COUNT OF CONSPIRACY TO COMMIT SECURITIES CONSPIRACY TO COMMIT SECURITIES FRAUD AND ONE COUNT OF MAKING FRAUD AND ONE COUNT OF MAKING FALSE STATEMENTS. FALSE STATEMENTS. EACH COUNT COMES WITH A MAXIMUM EACH COUNT COMES WITH A MAXIMUM SENTENCE OF FIVE YEARS PLUS SENTENCE OF FIVE YEARS PLUS THREE YEARS SUPERVISED RELEASE THREE YEARS SUPERVISED RELEASE AND UP TO $250,000 IN FINES. AND UP TO $250,000 IN FINES. THE NEW YORK REPUBLICAN WAS THE NEW YORK REPUBLICAN WAS ACCUSED OF LEAKING CONFIDENTIAL ACCUSED OF LEAKING CONFIDENTIAL INFORMATION ABOUT A INFORMATION ABOUT A BIOPHARMACEUTICAL COMPANY BIOPHARMACEUTICAL COMPANY IMMUNOTHERAPEUTICS LIMITED WHICH IMMUNOTHERAPEUTICS LIMITED WHICH ENABLED HIS SON AND ANOTHER ENABLED HIS SON AND ANOTHER INDIVIDUAL TO AVOID HUNDREDS OF INDIVIDUAL TO AVOID HUNDREDS OF THOUSANDS OF DOLLARS IN STOCK THOUSANDS OF DOLLARS IN STOCK LOSSES. LOSSES. ACCORDING TO COURT DOCUMENTS ACCORDING TO COURT DOCUMENTS COLLINS RECEIVED A TIP FROM THE COLLINS RECEIVED A TIP FROM THE COMPANY’S TOP EXECUTIVE THAT A COMPANY’S TOP EXECUTIVE THAT A NEW DRUG DEVELOPED BY THE NEW DRUG DEVELOPED BY THE COMPANY TURNED OUT TO BE A COMPANY TURNED OUT TO BE A CLINICAL FAILURE. CLINICAL FAILURE. THE VERY NEXT MORNING, COLLINS’ THE VERY NEXT MORNING, COLLINS’ SON, CAMERON, BEGAN SELLING HIS SON, CAMERON, BEGAN SELLING HIS SHARES AHEAD OF THE PUBLIC SHARES AHEAD OF THE PUBLIC ANNOUNCEMENT ABOUT THE DRUG ANNOUNCEMENT ABOUT THE DRUG TRIAL’S FAILURE AND HE SHARED TRIAL’S FAILURE AND HE SHARED THE SAME INFORMATION WITH HIS THE SAME INFORMATION WITH HIS FIANCEE’S FATHER. FIANCEE’S FATHER. THIS NEWS COMES JUST ONE DAY THIS NEWS COMES JUST ONE DAY AFTER COLLINS AANOUNSED ANNOUNCE

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