Former US congressman Chris Collins pardoned by Donald Trump
Donald Trump has pardoned former congressman Chris Collins, who abused his position on the board of Australian drug company Innate Immunotherapeutics to give inside information to investors.
US President Donald Trump has pardoned one of his supporters, former congressman Chris Collins, who abused his position on the board of Australian drug company Innate Immunotherapeutics to give inside information to investors.
Mr Collins, a wealthy entrepreneur, initially promoted Innate to fellow house members, friends and relatives as a sure-fire investment. At the time the company was developing a treatment for multiple sclerosis.
He was jailed because of what he did immediately after he learned in an email from Innate chief executive Simon Wilkinson on June 22, 2017, that MIS416 — the experimental drug the firm was developing for MS patients — had failed in clinical trials. Mr Collins phoned his son, who sold his stock before the information became public, according to information from the court case that followed.
Mr Collins supported Mr Trump’s run for president in 2016 and was the first member of congress to endorse him.
In his plea deal, Mr Collins, 70, admitted that he tipped off his son. This allowed his son and seven others to avoid $700,000 in losses by selling their stock before news of the failed drug trial drove down the stock’s value.
“During his tenure in congress, Mr Collins was known for his particular focus on the wellbeing of small businesses, agriculture, and sciences,” the White House statement said.
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