Chris Collins arrested on charges of insider trading

[2ndthyme]

https://www.cnbc.com/2018/08/08/gop-...ng-charge.html

Collins learned of a huge failed drug trial by an Australian biotech firm due to his position on the pharmaceutical's board. Before it was made public, he called his son who sold his holdings and passed the info to his father in law who also sold his stock. Both men also informed various others who acted on the insider info, saving themselves over 700,000 in losses as the company's stock price fell 95% when the failed trial was announced.

Collins was a big surragate for the Trump campaign, most notably supporting the right not to release his tax filings, saying it would be unfair for Trump's business competitors to see his financial information.

[Dave Grubb]

It is a good day when the swamp drains itself.

[Independent Voter]

When are the Liberals/ Socialist Democrats going to understand. There is NO requirement for any politician to release his or her tax filings. NONE.

Time for y'all to get over that fact.

[Dave Grubb]

When are the Liberals/ Socialist Democrats going to understand. There is NO requirement for any politician to release his or her tax filings. NONE.

Time for y'all to get over that fact.

That isn't core to this post. The real issue is that Collins allegedly was involved in insider trading----and there is sure as hell a law about that.

[TriGuy]

Collins is another swamp dweller that needs to spend time behind bars.

[wacojoe]

If correct, Collins’ son and other family dumped high priced stock on other unsuspecting buyers, when they knew the stock price would crash the next day. There are real losers here — the buyers who bought the stock — and winners, the Collins bunch who broke the law using forbidden inside tips. There is a reason for the laws.

I am convinced that Congress is festooned with inside traders.

[Independent Voter]

That isn't core to this post. The real issue is that Collins allegedly was involved in insider trading----and there is sure as hell a law about that.

I mentioned the Tax because 2-T included it in her post. I fully agree that if found guilty he should spend time in jail.

I fear that he will skate since he did not profit from the knowledge.

Is there a law against informing others who make money on insider trading if you give them the information ?.

[TxMusky]

Collins was a big surragate for the Trump campaign, most notably supporting the right not to release his tax filings, saying it would be unfair for Trump's business competitors to see his financial information.

Not the least bit relevant to anything in the topic. Good enough topic without having to stir the pot.



Throw all of them in prison for their crimes. Collins was already under investigation for holding the job on the board to begin with, I believe by the ethics committee. The only reason he did not sell his stock was because of that. Collins, his son and father in law to be, all unloaded their stock, and that is just what is known at this time. I hear the son actually informed 7 people that the drug failed its testing, and if those also sold their stock, I hope they share the same jail cell as the others.

[Dave Grubb]

To answer your question IV , absolutely.

[Honda]

Maybe he'll give the same jury that let that swamp dwelling crook from New Jersey off the hook

[TxMusky]

Well we should make sure they have term limits and if they have stock it must be placed in a blind trust. Also the stock of their immediate family members should be placed into one.


Menendez should have been tossed, they are all in on the "game". Evenif the court let him off, it did not look ethical and his fellow congress critters should have removed him from all committees and made him to wear the proverbial dunce hat in everything he does.

[Independent Voter]

To answer your question IV , absolutely.

Good. I hope that all of those who sold off and shafted other people get to spend some time in a " real " prison. Not a political country club.

[Dave Grubb]

Good. I hope that all of those who sold off and shafted other people get to spend some time in a " real " prison. Not a political country club.

You might what to read this.

When I worked for a public company senior managment had blackout periods every quarter were we were barred from trading in the stock. Also, companies have to list all trades by "insiders" with the SEC.

From that link:

Insider Trading

Illegal insider trading happens when people with nonpublic information about a company use it for profit or to prevent a loss in the stock market. A securities law called Regulation Fair Disclosure requires that company officials announce major developments to the largest possible audience at once, to level the investing playing field. Even top company officials can't trade on the news before it is announced to the public. However, as long as a company's financial statements are current with regulators, the business usually isn't legally obligated to impose a blackout period. Regulators keep track of insider trading activity through disclosures that corporate insiders must file. But companies use blackout periods anyway to reduce illegal behavior.

[2ndthyme]

If correct, Collins’ son and other family dumped high priced stock on other unsuspecting buyers, when they knew the stock price would crash the next day. There are real losers here — the buyers who bought the stock — and winners, the Collins bunch who broke the law using forbidden inside tips. There is a reason for the laws.

I am convinced that Congress is festooned with inside traders.

I agree and am very concerned over the idea that any congress critter can sit on board of directors of for profit businesses.

[2ndthyme]

I mentioned the Tax because 2-T included it in her post. I fully agree that if found guilty he should spend time in jail.

I fear that he will skate since he did not profit from the knowledge.

Is there a law against informing others who make money on insider trading if you give them the information ?.

You don't have to personally profit to be guilty of insider trading, He was the insider in this case and he allowed others to profit. He himself was banned from selling, as a member of the board.