Chris Collins reportedly indicted by federal grand jury on insider trading charges

Rep. Chris Collins is facing federal charges related to alleged insider trading, according to a breaking news report from CNBC.

The report says Collins has been arrested on the charges and his co-defendants include his son Cameron Collins, and the father of his fiancee, Stephen Zarsky.

The defendants are accused of securities fraud, wire fraud, conspiracy, and making false statements, all related to publicly traded stocks of an Australian biotechnology company, Innate Immunotherapeutics. 

Collins is on the board of directors for the company.

According to the CNBC report, the indictment accuses Collins of passing nonpublic information about the company's drug trials to his son to help him "make timely trades in Innate stock" and that his son allegedly passed information to Zarsky who is accused of passing that information to unnamed co-conspirators.

Collins reportedly surrendered to federal agents in Manhattan this morning and was taken into custody. He is scheduled to appear in Federal court later today.

UPDATE 10:30 a.m.: Attorneys for Collins issued the following statement:

"We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock. We are confident he will be completely vindicated and exonerated.

Congressman Collins will have more to say on this issue later today."

Photo: File photo.