The Office of Congressional Ethics published a report that concluded there is “substantial reason to believe” Rep. Chris Collins used his office to engage in insider trading, which is explicitly barred from trading stocks using insider information. Every member in the bipartisan Office recommended that the Ethics Committee launch a full probe into Collins' dealings with Innate Immunotherapeutics Limited, an Australian biotech company.
"The Office of Congressional Ethics has found clear and convincing evidence that Congressman Collins likely broke federal law," Louise Slaughter said in a statement. "He put his obsession to enrich himself before the people he swore to represent. It is a disgrace to Congress and to his constituents, who deserve better.”
Innate Immunotherapeutics is the same company that former Health and Human Services Secretary Tom Price owned. Price was also questioned about "insider trading” during his confirmation hearing and later resigned when it was proved he spent over a million taxpayer dollars on private airplane travel in the United States.
Chris Collins is the largest owner of Innate Immunotherapeutics but promised he would sell the company came here to the United States and needed to pass FDA approval. Collins sits on the House Health Subcommittee, which has oversight of the FDA , and he knew he could influence their decisions. He did not sell his shares. Nor did his two children, chief of staff, several campaign donors, and five fellow Republican lawmakers whom he recommended the stock to. Collins even bought more stock after he pushed a bill that could help the company. The reason why Chris Collin's was investigated in the first place was he was overheard bragging on the House Speakers' lobby “how many millionaires I’ve made in Buffalo the past few months.”
Collins and Health and Human Services Secretary Tom Price purchased more Innate stock after the company said it would seek FDA approval. Collins then introduced legislation to help companies like Innate get FDA approval more quickly. Price made more than $225,000 in his Innate stock trades, according to public records.
Chris Collins has never had a town hall meeting since 2002 that they started posting billboards of Chris Collins begging him to hear their voice. Collins responded, he will never hold a town hall meeting while he is in office. "I would not find it a good use of my time to stand there and have people yell at me,” said Collins. [Constituents] " are not what you hope they would be ."