Page 51 - Inside Information News Today

The allegations in the indictment. the first charge is a tipping change. it demonstrates the flow of the illegal insider information and the trading, the illegal trading of that information. at the top of the chain, congressman collins. he had an obligation as innate board member when he received confidential corporate information to receive that information secret until the company announced it to the public. in total disregard of that obligation, minutes after congressman collins received the ...

In losses. collins himself, having been prohibited from selling his shares for various reasons, did not avoid a financial loss. despite this fact, his alleged actions bought him face-to-face with federal agents who had become aware of the crime that had been committed. when questioned by law enforcement about the alleged dealings, congressman collins, his son cameron, camerons fiances father steven czarsky, lied, plain and simple. today they are charged with insider trading and lying to federal ...

Members and was able to dodge $800,000 in stock losses. he was arrested today and the other members of his family, his son and the father of his sons fian fiance, all allegedly part of this. jessica, this is a pretty stunning thing, sitting member of congress arrested and charged with a serious crime like this. what more can you tell us about what he allegedly did? >> it is stunning and really the indictment is stunning because of all of the detail. it lays out a litany of phone and e-mail evide...

Prior to the market close of june 26. after the market closes, innate announces to the public that its drug had failed the trial. and the next day, the drug price, the price of innate, falls off a cliff. it drops 92% in value in a single day. this was the drop that was anticipated by the co-conspirators. this was the drop in value that the co-conspirators avoided by selling their shares for the public announcement. and they could only sell those shares by virtue of the initial tip of inside info...

Immuno therapeutics, a publicly traded company that was developing a drug for multiple sclerosis. in june of 2017, congressman collins was told some confidential and highly sensitive information about innate. information that was not yet made public. namely, that innates main drug, the drug innate was developing to be the backbone of its company, was a total failure. this was devastating information for the company. congressman collins had an obligation, a legal duty to keep that information sec...

News, analysis and interviews with politicians and observers.

Go through those charts and the tick tock of the timing and to hear the fbi agent in charge talk about the electronic records they have, what does that tell you about this case? >> well, that presentation, i think, demonstrated a very clear-cut case against the congressman and members of his family and also the czarsky family. these cases sometimes are dry and difficult to understand because of their complexity, but those charts demonstrated how a classic insider trade iing case works. one, you ...

That his son could trade. cameron collins. when he received that illegal inside information, he did two things, both of which are illegal. he sold stock based on that inside information and avoided $570,000 in losses. and he also took that illegal inside information and tipped others. he tipped his fiance. he tipped his fiances wife. he tipped his fiances father and he tipped a friend. all of whom traded on that illegal inside information. steven czarsky, his fiances father, avoided $143,000 in ...

One attempted to trade on the information but was unable. in total the conspirators avoided losses of over $768,000. all because of the initial illegal insider trading tip by congressman collins. in this chart, we set some of the key allegations in the indictment against a time line, a backdrop of the innate share price. on the evening of june 22, 2017, congressman collins was at a congressional picnic. and at 6:55 he received an e-mail from the c.e.o. of innate informing him of the horrendous n...

To call his son six times trying to alert his son according to the indictment that the drug failed. and the next morning the prosecutors say his son began to move and trade on that information. it wasnt until five days later that this news became public and the stock plummeted 92%. >> melissa: all right, brian. thank you so much. as we said before, if you look at the screen, we are waiting for the news conference to begin any second. and in the meantime, lets talk a little bit about what we just...