Former Trump HHS Secretary Tom Price Reportedly Made More Than $225,000 on Collins' Australian Stock
Republican U.S. Congressman Chris Collins of New York has been arrested by the FBI on securities fraud charges, including insider trading, wire fraud, conspiracy, and lying to federal agents. Collins made "a flurry of phone calls" to his son while at a Congressional picnic at the White House, NBC News reports, citing the federal indictment.
Collins, who was the first member of Congress to endorse Donald Trump, previously had been under scrutiny by the House Ethics Committee. That investigation revealed he had convinced former Trump Health and Human Services Secretary Tom Price to buy shares of the Australian pharmaceutical company for which Collins is now charged with insider trading.
"Collins — who has repeatedly denied any improper or unethical behavior — is on the board of Innate and is its biggest stockholder, having invested at least $6 million in the firm," Politico reported last October. "His children own a block of Innate shares too."
Wednesday morning Collins was arrested, along with his son, and the father of his son's fiancée.
"Collins," the October Politico story continued, "has pushed the company's stock to former HHS Secretary and one-time House colleague Tom Price, other lawmakers and officials in Buffalo, N.Y. Collins was once overheard bragging on the phone in the House Speaker's Lobby about 'how many millionaires I’ve made in Buffalo the past few months.' Price made more than $225,000 in his Innate stock trades, according to public records."
MSNBC Wednesday morning noted Collins was "instrumental" in the choice of Price to be HHS Secretary.
Last year Rachel Maddow covered Price's seemingly shady stock trading, and notes former US Attorney Preet Bharara was fired as he was investigating Price.
Maddow reported months ago about a Trump / Tom Price scandal involving insider trading issues that Prett Bharara was investigating
After Chris Collin, Price must be shaking.
Innate Immunotherapeutics - the same stock in both Collins & Price trading
— ☇RiotWomenn☇ (@riotwomennn) August 8, 2018
Price reportedly refused to cooperate with the Office of Congressional Ethics in its investigation into Price and Collins.
Also in October Democratic U.S. Rep. Louise Slaughter, also of New York, had called for an investigation into Collins.
"The Office of Congressional Ethics has found clear and convincing evidence that Congressman Collins likely broke federal law," Slaughter had 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."
Former GOP Congressman David Jolly commented on the Collins-Price link:
Something to watch: while innocent until proven guilty, Collins included several House colleagues in trade tips, including former HHS Secretary Tom Price. If nothing else, these colleagues will likely now have to provide statements to law enforcement, if not full interviews. https://t.co/3Z6l6AR7RF
— David Jolly (@DavidJollyFL) August 8, 2018
Others weigh in also:
Re: Arrest of Chris Collins for insider trading. Another backer of the company at the heart of this scam was Tom Price, Trump's former head of HHS. Why, it's almost as if Trump PUT ACTUAL CRIMINALS IN CHARGE OF EVERYTHING after christening his opponent "Crooked Hillary."
— Steve Silberman (@stevesilberman) August 8, 2018
And flashback to Tom Price -- who had his own stock-related ethics issues -- refusing to cooperate with congressional ethics inquiry into Collins' possible insider trading pic.twitter.com/edCRrvIYak
— Robert Maguire (@RobertMaguire_) August 8, 2018
Some speculate Price may be an un-indicted co-conspirator in the Collins case:
There are 6 unindicted coconspirators mentioned in the @RepChrisCollins indictment.
FWIW, here are 6 GOP members of Congress who bought @InnatePharma stock on Collins' recommendation:
- John Culberson
- Mike Conaway
- Doug Lamborn
- Billy Long
- Markwayne Mullin
- Tom Price
— Bryce Taylor Rudow (@brycetrudow) August 8, 2018
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