Collins was indicted along with his son, Cameron, and Stephen Zarsky, the father of Cameron's fiance.
According to the indictment, Collins, a member of Innate's board of directors and one of its largest shareholders, had access to non-public information about its primary business - the development of a drug meant to treat a form of multiple sclerosis.
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"We are confident he will be completely vindicated and exonerated", they said in a statement. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock. The probe made a similar finding about a 2013 meeting Collins attended at the National Institutes of Health, where he asked staff to meet with the Australian company about clinical trial designs.
Collins gained prominence for being one of the earliest Capitol Hill backers of President Donald Trump.
Prosecutors say the three avoided over $768,000 in losses by trading ahead of the public announcement of the failed drug trials.
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The congressman will speak to the charges later Wednesday, they said. He served on Innate's board of directors.
Attorneys representing Collins released the following statement on Wednesday: "We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name". Collins has also pushed several bills that would have benefitted Innate, which has gotten the attention of the the House Ethics Committee.
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