John Bogna
Congressman John Culberson’s purchase of stock in an Australian biotechnology firm is under scrutiny as he seeks reelection, according to the Associated Press.
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Culberson bought stock in the company-called Innate Immunotherapeutics — a day before the price of that stock jumped, back in January. The stock has since fallen substantially in value, but that’s beside the point. Culberson is just one of several members of Congress to buy stock in companies where U.S. Rep. Chris Collins of New York is the largest investor.
If Culberson was advised to buy stock by Collins, that qualifies as insider trading and a violation of the Stock Act.
For his part, Culberson told the Chronicle that “press reports” and the death of a family member from multiple sclerosis-Innate was developing a new MS drug at the time-were what motivated his purchase of the stock, a purchase that amounted to anywhere between $1,000 and $15,000 according to AP. Jason Westin, a Democrat running against Culberson, has called the purchase into question due to the lack of published research or clinical trial updates.
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