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So Chris Collins went from 22 million in 2012 to anywhere from 66 to 117 million
And other than one stupid call all the insider trading off his insider info from being a congressman was perfectly legal 
i know the text is a serious crime but all the legal insider trading is ridiculous
3 replies
= new reply since forum marked as read
= new reply since forum marked as read
Unless they are named Martha Stewart. 
Did Chris Collins Forget the Martha Stewart Trial?
The insider-trading indictment against the congressman seems awfully familiar.
By Joe Nocera
August 8, 2018, 5:30 PM EDT
The day after Christmas 2001, Sam Waksal, the chief executive of ImClone Systems, began selling off shares in the company after learning that the Food and Drug Administration had rejected its application for a key cancer drug. As it happens, Waksal’s broker, Peter Bacanovic, also served as Martha Stewart’s broker, and because she and Waksal were friends, she had ImClone in her stock portfolio. Bacanovic then called Stewart, gave her the news about the drug’s failure and, with her agreement, began selling her ImClone stock as well.
Perhaps you recall how this turned out? In 2002, Waksal pleaded guilty to securities fraud and related charges. He served the next six years of his life in prison. In 2004, Stewart and her co-defendant Bacanovic were found guilty after the most-highly publicized insider-trading trial since, well, maybe forever. Each was sentenced to five months in prison.
I’ve since gotten to know one of the parties involved: Waksal. He is, as he’s often described, a brilliant man in many ways. What happened in late 2001 was moment of panic; had he been thinking clearly he would surely have realized that when a CEO dumps his own company’s stock days before some bad news is released, it never ends well. The Securities and Exchange Commission has proved over and over again that it can suss out insider-trading violations that are far more complex — and hidden — that the ImClone case.
<...>
According to Wednesday’s indictment, Innate Immunotherapeutics had everything riding on one drug — just like ImClone in 2001. The drug was in clinical trials. About six weeks ago, the trial was officially declared a failure — just like ImClone! Thus ensued a three-day window between the time the board (including Collins) heard the news and the time the news became public. And what happened during those three days? Collins’ son Cameron sold $1.3 million shares, after being tipped off by his father, according to the indictment. Then Cameron Collins gave the information to his future father-in-law, Stephen Zarsky. Cameron Collins also told his fiancée and his future mother-in-law. They had all originally bought the stock on Cameron’s say-so, and now they all dumped the stock on his say-so. The indictment says that in all, they saved $768,000 in losses. (That’s going to be some wedding, don’t you think?) They are also said to have lied when questioned by investigators.
https://www.bloomberg.com/view/articles/2018-08-07/china-s-zero-sales-biotech-stocks-may-damage-financial-health
The insider-trading indictment against the congressman seems awfully familiar.
By Joe Nocera
August 8, 2018, 5:30 PM EDT
The day after Christmas 2001, Sam Waksal, the chief executive of ImClone Systems, began selling off shares in the company after learning that the Food and Drug Administration had rejected its application for a key cancer drug. As it happens, Waksal’s broker, Peter Bacanovic, also served as Martha Stewart’s broker, and because she and Waksal were friends, she had ImClone in her stock portfolio. Bacanovic then called Stewart, gave her the news about the drug’s failure and, with her agreement, began selling her ImClone stock as well.
Perhaps you recall how this turned out? In 2002, Waksal pleaded guilty to securities fraud and related charges. He served the next six years of his life in prison. In 2004, Stewart and her co-defendant Bacanovic were found guilty after the most-highly publicized insider-trading trial since, well, maybe forever. Each was sentenced to five months in prison.
I’ve since gotten to know one of the parties involved: Waksal. He is, as he’s often described, a brilliant man in many ways. What happened in late 2001 was moment of panic; had he been thinking clearly he would surely have realized that when a CEO dumps his own company’s stock days before some bad news is released, it never ends well. The Securities and Exchange Commission has proved over and over again that it can suss out insider-trading violations that are far more complex — and hidden — that the ImClone case.
<...>
According to Wednesday’s indictment, Innate Immunotherapeutics had everything riding on one drug — just like ImClone in 2001. The drug was in clinical trials. About six weeks ago, the trial was officially declared a failure — just like ImClone! Thus ensued a three-day window between the time the board (including Collins) heard the news and the time the news became public. And what happened during those three days? Collins’ son Cameron sold $1.3 million shares, after being tipped off by his father, according to the indictment. Then Cameron Collins gave the information to his future father-in-law, Stephen Zarsky. Cameron Collins also told his fiancée and his future mother-in-law. They had all originally bought the stock on Cameron’s say-so, and now they all dumped the stock on his say-so. The indictment says that in all, they saved $768,000 in losses. (That’s going to be some wedding, don’t you think?) They are also said to have lied when questioned by investigators.
https://www.bloomberg.com/view/articles/2018-08-07/china-s-zero-sales-biotech-stocks-may-damage-financial-health
