As Chris Collins resigns his upstate congressional seat is up for grabs. What is more interesting is to note is how heavily he has remained invested in the Pharmaceutical and Health industry from 2015 onwards.
A detailed investigation by the Guardian had shared how members of the congress and senate are richly invested into the public and private sector and that their associations could ‘ultimately fog their decision and policymaking abilities’. Christopher Collins’ story is no different.
Apart from holding a majority stake in Innate Immunotherapeutics, he was a board member too. He was a major investor in both Volland Electric Corporation and ZeptoMetrix Corporation in 2015. His then reported net worth was $66.5 million.
Later that year, he was also reportedly invested with the pharmaceuticals and health industry for $33.7 million. His estimated asset valuation in Innate and Volland was a combined $30 million.
Collins’ most recent financial disclosures (in 2018) include buying shares in Cocooon Development LLC in the financial bracket of $250,001to$50,00,00 as well as selling shares of Innate Immunotherapeutics worth between 15,001 and $50,000.
It is now estimated that Collins’s net worth is around $50 million, per movement of his shares and holdings in the past four years.
Popular Rise & Fall
In 2016, voters supported President Trump over Hillary Clinton by the widest margin of any congressional district in the state, making Collins a preferred win. His leadership was overseeing eight counties between the suburbs of Buffalo and Rochester.
Collins has now pleaded guilty on two criminal counts against the eight counts that he has been charged with. He has been accused of withholding crucial information and using sensitive information pertaining to the Australian biotechnology firm, in which he held an 18 percent stake, to the advantage of his son and finance’s family.
Collins admitted confiding in his son Cameron about the possible failed drug trial that was considered an illegal tip-off by the persecutors. Cameron and others related could thereafter avoid more than $768,000 in losses.
New York Gov. Andrew Cuomo has shared that he now needs to call for a special election to replace the former congressman “sooner rather than later.” However, according to State Law, he cannot schedule a vote on the Nov. 5 general election. The Democratic governor said he would like to schedule the contest on the same day as another election. New Yorkers are set to go to the polls on April 28 for a presidential primary.
Some older candidates are still interested to take on the position. Nate McMurray, a Democrat who had challenged Chris Collins in 2018 continues to campaign for the seat and commented that “A long Western New York nightmare is over today.” He had been defeated by a huge margin by Collins then.
Under state law, leaders of party committees in the district choose candidates in special elections. Some other Republicans are also showing intent to run for the seat. These include state Sens. Robert Ortt of Niagara County and Chris Jacobs of Erie County, as well as Beth Parlato, an attorney from Genesee County.