Six years ago, Congress passed the STOCK Act, which for the first time made members of Congress liable for insider trading, just like any other investor. On Wednesday, the Justice Department issued the very first indictment under that law when it arrested Representative Chris Collins, Trump's earliest supporter in Congress, and accused him of sharing inside information about an Australian pharmaceutical company with his son and other investors.
Last year, Collins allegedly learned, before the public did, about the failure of a clinical trial for a multiple sclerosis drug by Innate Immunotherapeutic. He told Cameron Collins, his son and a fellow shareholder, who dumped his stock.
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