“It’s the dumbest insider trading crime I’ve ever seen.”
Courtesy of CNN:
Federal prosecutors in New York on Wednesday charged New York Republican Rep. Chris Collins, his son and another man with 13 counts of securities fraud, wire fraud and false statements stemming from an alleged insider trading scheme centered on an Australian pharmaceutical company.
Collins, who was the first sitting member of Congress to endorse Donald Trump’s presidential bid, surrendered Wednesday morning at his attorney’s office in Manhattan, according to the FBI.
Prosecutors at the US Attorney’s Office for the Southern District of New York alleged in an indictment that Collins and the other defendants used nonpublic information about the results of a drug trial to trade on the stock of the pharmaceutical company, Innate Immunotherapeutics Limited, of which Collins was a board member.
That allowed them, prosecutors allege, to avoid more than $768,000 in losses they would have incurred if they had traded the stock after the drug trial results became public.
Collins “placed his family and friends above the public good,” said US Attorney Geoffrey Berman at a news conference Wednesday in New York City. Berman also stated Collins “cheated our markets and our justice system.”
Get this courtesy of Raw Story:
The details of the alleged crimes of Rep. Chris Collins (R-NY), a Trump-loving lawmaker from western New York state who stands accused of insider trading, are so “idiotic” that analysts on CNN could hardly believe them.
According to prosecutors, Collins was at the White House when he learned that a drug trial from a firm he invested heavily in had failed, and so he called his son seven times trying to alert him. The son sold his stock the next day.
“It’s completely idiotic,” said CNN legal analyst Paul Callan. “It’s the dumbest insider trading crime I’ve ever seen.”
Given an unencrypted cell phone was apparently used from the grounds of the White House, the details almost defy believability, said CNN’s Dana Bash.
“If you saw this on House of Cards—so the president is going to be there and have the congressman over for a picnic,” said Bash. “He’s going to get the call from this CEO and call his son. You’d be like, ‘really?’ This would never happen. Nobody would do that.”
So once again we learn that Trump’s closest associates are essentially a band of criminals.
And jaw-droppingly dumb criminals at that.
I am going to hazard a guess that Robert Mueller is sitting on reams of evidence which prove that Donald Trump and virtually everybody that he associates with are as yet unindicted criminals.