by Bob Walsh
Chris Collins is a Republican member of congress from upstate N. Y. On Wednesday he was arrested for insider trading. It seems that he was the largest shareholder of the Australian company Innate Immunotherapeutics, a pharma company. He and his family avoided $800,000 in losses by dumping their shares just before the company tanked
In case you don't know (I know and I am not exactly a big-time investor) when a stock takes a major dump the feds look closely at large trades made shortly before it happens. They know the exact times that Collins happened to make a phone call to his son, who called his fiancée's father, who called some other lameoid, etc. The average daily volume of this particular stock went up over 1,000% based SOLELY on family trades.
Collins shyster says he is not guilty and they will fight it to the wall. The feds are not alleging that he PERSONALLY traded any shares, merely that he informed his family so they could dump theirs before the thing hit the floor.
1 comment:
That pretty much fits the description of insider trading.
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