Staunch Trump ally Chris Collins and his son, Cameron Collins, were charged with conspiracy to commit securities fraud, wire fraud and lying to the FBI on Wednesday. Both men have already surrendered to the authorities. It’s worth noting that Collins, who served on Donald Trump’s transition team, also called for an end to the Mueller probe.

Stephen Zarsky, the father of Cameroon Collins’ fiancee, was also arrested and charged with conspiracy to commit securities fraud, a spokesman for the U.S. attorney for the Southern District of New York said.

The indictment alleges, “Collins, a major shareholder in an Australian biotech company called Innate Immunotherapeutics, passed information to his son, who also is a major shareholder in the company, and he relayed inside information to others so they could time advantageous trades in the company,” Buffalo News reports.

Rep. Collins was also a member of Innate’s board of directors while the insider trading was occurring. He held approximately 16.8 percent of the company’s stock, which made him one of its largest shareholders, the indictment states. He had regular access to non-public information about the MIS416, the multiple sclerosis drug that was under development and the drug trial.

The indictment alleges that when the drug trial failed, Collins passed information to his son, who then told other investors to dump their shares before the news hit. “All of the trades preceded the public release of the negative drug trial results and were timed to avoid losses that they would have suffered once the news became public,” the indictment reads.

Separately, the Securities and Exchange Commission has filed a civil action against all three men, according to a DOJ press release.

Collins used his cellphone to commit insider trading when he contacted his son six times while he was at the White House for the congressional picnic. The FBI has the telephone and text message records. These guys like to cheat but they aren’t even smart about it. Um, burner phones or middle men?

Here’s a chart from the SDNY outlining the charges:

Count

Charge

Defendants

Maximum Penalty

1

Conspiracy to commit securities fraud (18 U.S.C. § 371)All5 years in prison

2

Securities fraud (15 U.S.C. §§ 78j(b) & 78ff; Title 18 U.S.C. § 2)CHRISTOPHER COLLINS; CAMERON COLLINS20 years in prison

3

Securities fraud (15 U.S.C. §§ 78j(b) & 78ff; Title 18 U.S.C. § 2)All20 years in prison

4

Securities fraud (15 U.S.C. §§ 78j(b) & 78ff; Title 18 U.S.C. § 2)CHRISTOPHER COLLINS; CAMERON COLLINS20 years in prison

5-7

Securities fraud (15 U.S.C. §§ 78j(b) & 78ff; Title 18 U.S.C. § 2)All20 years in prison

8

Securities fraud (15 U.S.C. §§ 78j(b) & 78ff; Title 18 U.S.C. § 2)CHRISTOPHER COLLINS; CAMERON COLLINS20 years in prison

9

Conspiracy to commit wire fraud (18 U.S.C. §§ 1349)All20 years in prison

10

Wire fraud (18 U.S.C. §§ 1343 & 2)All20 years in prison

11

False Statements (18 U.S.C. §§ 1001 & 2)CHRISTOPHER COLLINS5 years in prison

12

False Statements (18 U.S.C. §§ 1001 & 2)CAMERON COLLINS5 years in prison

13

False Statements (18 U.S.C. §§ 1001 & 2)STEPHEN ZARSKY5 years in prison

Twitter reacts to news Trump ally Chris Collins was charged for securities fraud:

Read the indictment: Trump ally Chris Collins and two others indicted for securities fraud: