Four Corners: Feb 10

On Mondays Four Corners is “The Inside Trade.”

Stephanie March reports on a criminal scandal stretching from the White House to Australia.

“What I was most staggered by was…the level of brazenness in procuring insider trading from the White House and thinking that you would get away with it.” Australian investor

It should have been a day of celebration – a picnic on the White House lawn with President Trump and his inner circle. But as the TV cameras filmed the mingling guests, a Republican Congressman and prominent Trump ally was pacing up and down on his phone. He’d just discovered his multi-million-dollar investment in an obscure Australian biotech firm was about to tank.

“I think about how his demise is captured for all the world to see. He’s on the phone with his son, and in that impulsive moment he brought on his own doom.” Fmr Trump adviser

Congressman Chris Collins was a long-time investor and board member of a Sydney based company engaged in therapeutic drug development. On that fateful afternoon, he received confidential information that a crucial drug trial had failed and his investment was at risk.

“This is where the insider trading scheme began. This is where he shared the inside information about the clinical trials and their failure.” Investigative reporter

On Monday night Four Corners investigates the insider trading scandal that went on to engulf the Congressman and the major questions it raises for Australian regulators.

“It’s totally damaging and it’s absolutely in the interests of the economy that the government and the regulators pay more careful attention.” Governance expert

Australian investors who have lost large amounts of money are angry.

“To know that the main guy, the ex-director, the very large shareholder and in a public position like that was conducting very blatant insider trading with the knowledge that he had gained…that basically wasn’t very pleasant for the rest of us.” Australian investor

With the clinical trials over, the company has ceased production of the drug leaving patients who still believe it works high and dry.

“It was like a death. I was gutted because I thought, “Oh God, how am I ever going to keep going without it?”…I had it for seven years, so it was lovely. Life was brilliant, but now life’s got harder.” MS patient

Monday 10th February at 8.30pm on ABC.