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Tipsheet

Chris Collins Pleads Guilty, Faces Jail Time

AP Photo/Jose Luis Magana

On Tuesday, the day that his resignation from Congress became official, Rep. Chris Collins (R-NY) also pleaded guilty to insider trading charges and lying to the FBI. He'll face up to ten years in prison.

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Rep. Collins, who served on the board of a pharmaceutical company called Innate, was at a White House event when he read an email informing him the company's major drug was a dud. He reportedly called his son Cameron about the fiasco, and he and other family members were able to avoid hundreds of thousands of dollars in damages by selling their shares.

Collins had previously called the insider trading charges "meritless." He was indicted last year, yet still won his re-election fight. As far as we knew he still planned to be on the next ballot, but on Monday he announced his resignation.

Collins expressed regret during his guilty plea today, especially how he put his son in jeopardy.

It is "something I will live with for the rest of my life," he said.

U.S. Attorney Geoffrey Berman aired Collins' dirty laundry list last August.

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With Collins's congressional departure, New York Gov. Andrew Cuomo will have to schedule a special election to replace him.

The now-former New York congressman, who served in Congress since 2013, is expected to be sentenced on January 17.

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