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Tuesday December 18th, 2018 2:19PM

New York congressman indicted on insider trading charges

By The Associated Press

NEW YORK (AP) — Republican U.S. Rep. Christopher Collins of New York has been indicted on charges that he used inside information about a biotechnology company to make illicit stock trades.

The charges were announced and the indictment unsealed in New York City on Wednesday.

The indictment charges Collins and two others, including the congressman's son, with conspiracy, wire fraud and other counts.

Prosecutors say the charges relate to a scheme to gain insider information about a biotechnology company headquartered in Sydney, Australia, with offices in Auckland, New Zealand.

According to the indictment, the defendants tried to get early word on the results of tests by Innate Immunotherapeutics Limited.

The company developed a drug intended to treat Secondary Progressive Multiple Sclerosis.

Speaker Paul Ryan says he's removingCollins from the House Energy and Commerce Committee. He's also prodding his chamber's ethics panel to pursue "a prompt and thorough investigation" of the lawmaker.

Collins has denied any wrongdoing.

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