Here at Dealbreaker dot com, we've been trying to get away from all the recent political chaos stuff and go back to what do at our mediocre best: Stupid venal behavior involving money by people who should know better.
Disgraced upstate Republican Rep. Chris Collins resigned from Congress on Monday — a day before he was expected to plead guilty in Manhattan federal court to insider trading charges.
Dammit! Foiled again!
What did this guy do that would lead to him resign from Congress and not just cut a deal with the SEC for like a short-term ban from legislating? After all, it's just a little light insider trading...
The case centers around an Australian biotech company, Immunotherapeutics, where the lawmaker served as a member of its board of directors.
Prosecutors claim Collins called his son with an inside stock tip after the company failed a key drug trial.
Cameron allegedly dumped his stock and passed the news to [co-defendant Stephen] Zarsky, leading him to sell off his shares too.
The trio faced a slew of fraud, wire fraud, securities fraud and related charges.
Well, maybe this makes sense. Anyone capable of thinking they could get away with a scheme this simplistically dumb should probably step away from Congress, but when Collins gets out of prison, he should definitely take the Series 7.