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.
Since Collins sits on the House Health Subcommittee and has oversight of the FDA, many people were concerned to learn that he is the largest owner of Innate Immunotherapeutics. They worried that when the company moved into the U.S., he would abuse his post and force the FDA to give its approval of Innate's products. Collins promised he would sell his shares if the company came to the United States, but did not. In fact, Collins 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.”
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 ."