UPDATE: Rep. Collins has released a new statement on his arrest.
I am proud to represent the people of #NY27. The charges being brought against me are meritless and I intend to fight to clear my name. I will continue to work hard for the people of #NY27 and earn your vote this November— Chris Collins (@CollinsNY27) August 8, 2018
UPDATE: Rep. Collins pleaded not guilty at his arraignment hearing in lower Manhattan Wednesday. The judge set a $500,000 bond for the congressman. Collins also reportedly has no plans to resign.
In an email obtained by The Buffalo News, Collins vows to supporters that he will stay in office, run for re-election, and fight to clear his name following his federal indictment on insider trading charges.— Bob McCarthy (@bobmccarthybn) August 8, 2018
Chris Collins declares his innocence, attorneys say in a statement that they “will mount a vigorous defense to clear his good name. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock.“— Manu Raju (@mkraju) August 8, 2018
UPDATE: House Speaker Paul Ryan has booted Collins out of the House Energy and Commerce Committee.
“Insider trading is a clear violation of the public trust," Ryan said in a statement. "Until this matter is settled, Rep. Collins will no longer be serving on the House Energy and Commerce Committee.”
UPDATE: Federal prosecutors in New York detailed the charges against Rep. Collins during a press conference on Wednesday. When Collins was a board member for the pharmaceutical company Innate, U.S. attorney Geoffrey Berman explained, he found out that the company's main drug was a “total failure.” It was devastating news that Collins was obligated to keep secret until it went public. However, "putting family and friends above the public good," the congressman tipped off his son Cameron with the news, after which Cameron sold his shares, as did a few others. By doing so, they avoided losing over $750,000.
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
Rep. Chris Collins, a Republican representative from New York, has been arrested by the FBI for securities fraud and wire fraud. He is also accused of lying to FBI.
REPORT: Rep. Chris Collins has been arrested by the FBI on securities fraud related charges. https://t.co/7bzOnVEpOD— WGRZ (@WGRZ) August 8, 2018
Collins was taken into custody in Manhattan. A press conference is scheduled for noon on Wednesday.
In the 22-page civil complaint, Collins, his son Cameron, and Stephen Zarsky, the father of Cameron's fiancee, are accused of insider trading. Collins reportedly used information from negative clinical trial tests conducted by a pharmaceutical company named Innate. He served on Innate's board of directors.
Last year, the House ethics committee launched an investigation into Collins's potential violations of federal law and House rules related to insider trading.
This is a breaking news story and will be updated as information becomes available.