While his fellow members of Congress were enjoying carousel rides on the White House lawn, Rep. Chris Collins (R-N.Y.) was apparently learning the company he'd invested millions in was about to fail.
The congressman and longtime President Trump fan was a top shareholder in Innate Immunotherapeutics, and he lost $17 million when it was revealed the Australian biotech company's star drug didn't pass clinical trials. But as an Innate board member, Collins learned about the failure before it went public — and told his son to sell his shares before he suffered similar losses, court filings released Wednesday allege. And it all happened while Collins was at the annual White House congressional picnic.
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