The U.S. House Committee on Ethics has announced it will investigate Rep. Chris Collins.
Collins (R, NY-27) is a board member of Innate Immunotherapeutics Limited (Innate) and holds stock in the company. The congressman is facing allegations of insider trading for the company.
In a report issued by the Board of the Office of Congressional Ethics, an initial review of the allegations of insider trading against Collins recommends that the Committee on Ethics conduct a further review “because there is a substantial reason to believe that Representative Collins shared material nonpublic information in the purchase of Innate stock, in violation of House rules, standards of conduct, and federal law.”
Collins released the following statement after the report was released on Thursday:
Throughout my tenure in Congress I have followed all rules and ethical guidelines when it comes to my personal investments. I was elected to Congress based upon my success in the private sector, and my willingness to use that experience every day to facilitate an environment that creates economic opportunity and jobs. I thank the House Ethics Committee for their meticulous review of this case and for the tough work they do to hold all Members of Congress accountable to the highest standards of conduct.
The full report can be read here.