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Tipsheet

Rep. Chris Collins to Resign Following Insider Trading Indictment

AP Photo/Ron Edmonds

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.

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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.

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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.

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