Chris Collins, White House, President Trump discussed on All In with Chris Hayes

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All the Fresno all are. There you see congressman, Chris Collins. He is congressman from upstate New York who today was arrested and charged with securities fraud related to charges of insider trading on a drug company that you heard him talk about their innate. He's a man who is a very fierce advocate for the president United States, his first congressional endorser today, he laid out a bit of explanation. He says of his long standing backing of the company and then did something that I don't think is going to work for that long which was he said he would answer no more questions over the fact that he is currently facing federal felony charges and was caught on tape at a White House congressional picnic on the phone at the time that the government says he was illegally tipping off his son and others that the drug company he'd invested in had failed to clear a key clinical trial leading them to dump their stocks for the latest on this remarkable turn. Events and the charges against the president's first endorser congressman. Chris Collins, I'm joined by Jonathan dean, sees the chief investigator reporter for w here in New York. I that press conference. Did you think there was any chance he was going to resign? No. He had said all day through his spokesman that he was going to stay in this race that he was going to seek reelection and that these, this indictment, these charges against him were not going to stop him. His, let's start here and say this. He laid out in that press conference. He's been known around town that he has a relationship with this drug company. He was caught boasting once in the speaker's gallery saying, I've made so many millionaires in in in buffalo because of connecting people with this company. What is his relationship to the company? Well, he sits on the board. He invested. Bought millions of shares was selling at about fifty cents a share when he got that Email at the White House, advising him that the clinical trial in this company to come up with a cure or assist multiple sclerosis patients that trial had failed and that this drug was the only drug that this company was basically researching. This was the whole ball wax. And as soon as you learned that he apparently panicked the FBI and US attorney saying he was called his relatives who had invested stock in this company and told them what the situation was, and they began selling over a million shares sold. And then after the news became public, that fifty cents a share of stock dropped. Ninety ninety two percent to just pennies on the dollar. And you know. So these. Okay. So the charging is it got us arrested today? Right? Tell until then AM processed fingerprinted Mochizuki sitting member Republican member congress. He served on housing entity committee until today when he was kicked off a prominent support of the president. Do we have the video of him by the way at the White House or do we just have that that we just showed? I mean, the gyrating he is at the White House congressional picnic, that's right with the president nights saints last year, according the charging document, he gets an Email in his role as board member saying the trial failed. And then what does he do? And then according to charge attorney, he started calling his son frantically six calls in less than five minutes and he couldn't get through. Finally, on the seventh attempt, the feds say, he got through his son and said, this whole thing's going down, you need to. We need to do something and within hours his son was selling off his shares. The sun allegedly told other relatives, fiancee, his soon to be. Father in law mother-in-law who happens to be a certified public accountant, and they all begin dumping their shares word of mouth spread among the close knit relatives. Three people charged today the congressman, his son, and the would be father in law. And there's also a unindicted co-conspirator that exists in the charge document as well. That is correct. So there was a number of people that were sort of in this and the securities and Exchange Commission named some of them which is the would be father in law. The would be mother-in-law and the fiance the, they were not charged criminally the say and her mother, but they did have to pay the money back. The ill-gotten gains and this EPA will not be working as a CPA for the next five years..

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