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New York Congressman Chris Collins Is Charged With Insider Trading

(NY Times) Representative Chris Collins was at the Congressional Picnic on the South Lawn of the White House last summer when he received an unexpected email from the head of a drug company in which he was heavily invested. The company’s only product — an experimental treatment for multiple sclerosis — had just failed a do-or-die scientific trial.

What Mr. Collins did next, apparently in a state of panic, forms the core of a federal indictment unsealed on Wednesday in New York that accuses him of insider trading and lying to federal agents. Federal prosecutors charged Mr. Collins with brazenly using his private information about the company to help his son and others avoid financial disaster.

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