Wednesday, April 26, 2017

A New York Republican Congressman Just Got Caught In A Major Corruption Scandal

Congressman Chris Collins is quite wealthy by just about any standard. Roll Call ranks the Upstate New York Republican the 19th richest Member of Congress, with an estimated net worth of approximately $24 million. As a wealthy investor, it’s not unusual for him to make multi-million dollar stock purchases.

In 2013, for example, he bought $2.2 million in stock as part of the initial public offering for Innate Immunotherapeutics, an Australian pharmaceutical company. Innate has developed a drug to treat Multiple Sclerosis in its advanced stages.

After the IPO, he bought even more stock. When the company needed a secondary round of funding, he encouraged his staff, his kids, and his close donors to buy as well. He even convinced over 10 of his fellow Republican congressmen buy in.

As of now, over 30 percent of Innate Immunotherapeutics has been purchased by Rep. Collins, his family, and the close associates he turned on to the stock.

If the story ended here we’d be writing about a savvy investor whose faith in this fledgling company helped bring a new treatment for a debilitating disease like MS to market. So what if he made a small fortune along the way?

But the story doesn’t end here. In fact, this is just where it begins.

Last year, Rep. Collins, a member of the House Energy and Commerce Committee, had language inserted into a the ’21st Century Cures Act,’ a bill signed into law by President Obama that, among other things, will fast-track foreign-made drugs like Innate’s MS treatment for approval by the Food and Drug Administration.

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