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Ethics Report: ‘Substantial Reason to Believe’ GOP Rep Broke Law

The Office of Congressional Ethics said on Thursday that it has “substantial reason to believe” that Rep. Chris Collins (R-NY) broke federal laws against insider trading, as well as rules governing members of Congress. According to the report, investigators believe that Collins likely “shared material nonpublic information in the purchase of” a biotech stock called Innate, for which he is the largest shareholder, “in violation of House rules, standards of conduct, and federal law.” The report further added: “If Representative Collins took official actions or requested official actions that would assist a single entity in which he had a significant financial interest, then he may have violated House rules and standards of conduct.” Collins was the first member of Congress to formally endorse President Trump. Earlier this year, The Daily Beast reported on Collins’ failure to keep his promise to divest from Innate, despite its FDA approval to test a drug.