Rep. Chris Collins (R-NY) was indicted on insider trading charges in August. Reports reveal that when Collins was a board member for the pharmaceutical company Innate, he received a devastating email informing him that the company's main drug was a failure. Collins was obligated to keep it a secret. Instead, according to reports,he immediately called his son Cameron with the news, after which Cameron sold his shares, as did a few other relations. By doing so, the family avoided losing over $750,000.
U.S. Attorney Geoffrey Berman outlined the charges in detail at a press conference in Manhattan.
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
A video from a White House picnic last year, when Collins reportedly received the unfortunate email, shows him grabbing his phone and calling someone. Was it his son?
In his original statement, Collins claimed that the insider trading charges were "meritless."
Despite the scandal, it appears his name will still be on the congressional ballot this November.
A statement from ?@RepChrisCollins?’ lawyer: pic.twitter.com/OkZhjhBEq6
— Jerry Zremski (@JerryZremski) September 17, 2018
The Buffalo News's sources say Republicans feel "blindsided" by the decision. They had an alternative candidate waiting in the wings. It certainly seems to give Collins's Democratic opponent, Grand Island Supervisor Nate McMurray, a head start in the race.
"The choices couldn't be more stark," DNC Chair Tom Perez said Monday. "As much as anything, integrity is on the ballot."
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