Corrupt GOP Lawmaker Loses $17M On Pharma Stock He Pitched To Colleagues: Report
A Republican congressman lost close to $17 million on Tuesday when stock in an Australian pharmaceutical company he reportedly pitched to other lawmakers plunged to pennies per share.
Earlier this month, Rep. Chris Collins (R-N.Y.), was caught bragging about how much money he’s made for other GOP members of Congress by tipping them off to an Australia-based pharmaceutical company in which he is the largest stockholder.
Now, Bloomberg reports that shares of Innate Immunotherapeutics fell more than 90 percent in Sydney after a multiple sclerosis drug being tested by the pharma company showed no signs of working.
Collins, who was the first Republican lawmaker to publicly endorse Donald Trump, lost roughly $17 million as Innate’s stock price sunk after the news broke Tuesday morning, according to Bloomberg. Collins sits on the company’s board of directors.
In a statement Tuesday, Collins called the failed clinical trial and subsequent drop in the stock price “disappointing,” but said he and other investors knew they were taking a risk.
“For those that invested in Innate including me, we all were sophisticated investors who were aware of the inherent risk,” Collins said. “For every successful drug, there are countess numbers that fail. That’s how today’s system works.”
Let us translate that statement for you, Mr. Collins: “Sorry fellow Republicans, you’ve been conned.”
Several GOP lawmakers revealed this month that Collins had pitched stock in the company to Republican colleagues, and had bragged during a dinner party that he’d help fellow lawmakers make money on the tip.
“If you get in early, you’ll make a big profit,” Collins told a group of House Republicans last summer.
Of course, Collins denied the allegations. But House Ethics investigators are looking into whether Collins violated insider trading laws by pitching the stock to colleagues.