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.
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:
Others weigh in also:
Some speculate Price may be an un-indicted co-conspirator in the Collins case: