New York Rep. Chris Collins (R), who was indicted on insider trading charges last August, is resigning from Congress. The Republican had represented the 27th district since 2013.
Fox confirms: GOP NY Rep Chris Collins to resign effective tomorrow. Spkr's office has the letter. Will be presented to the Hse during tomorrow's pro forma session, shortly after 9 am et. Collins. Collins will plead guilty tomorrow to charges of insider trading.
— Chad Pergram (@ChadPergram) September 30, 2019
When Collins was a board member for the pharmaceutical company Innate, he learned that the company's main drug was a failure. Instead of keeping that intel secret, reports allege that he called his son, Cameron, with the news. Cameron sold his company shares, as did a few other family members. They avoided losing over $750,000. Collins was accused of insider trading and lying to the FBI. Then-House Speaker Paul Ryan also booted him off of the House Energy and Commerce Committee.
U.S. Attorney Geoffrey Berman laid out all the charges at the time.
U.S. Attorney Geoffrey Berman announces criminal charges of insider trading and lying to the FBI against Rep. Chris Collins.
— ABC News Politics (@ABCPolitics) August 8, 2018
"These charges are a reminder that this is a nation of laws, and that everybody stands equal before the bar of justice." https://t.co/bAFcvcHbch pic.twitter.com/W1CT2o58ms
As of last September the congressman said the charges were "meritless" and vowed to remain on the ballot.
Collins is now expected to plead guilty. His resignation will be effective on Tuesday.
