GOP Rep. Chris Collins Pleads Guilty To Insider Trading
Republican Rep. Chris Collins is expected to plead guilty on Tuesday to charges related to an insider trading scheme from 2017, according to The Buffalo News.
The New York congressman resigned on Monday, House Speaker Nancy Pelosi’s office confirmed.
Collins initially pleaded not guilty to all charges against him but a new court filing revealed that he will change his plea, and a second filing showed that his son Cameron Collins and Cameron Collins' prospective father-in-law, Stephen Zarsky — the lawmaker’s co-defendants in the case — will also change their not guilty pleas.
The group of men were charged with securities and wire fraud, conspiracy and lying to the FBI, The Buffalo News reported, stemming from an insider trading scheme tied to Australian biotech company Innate Immunotherapeutics.
Collins served on the company’s board, and prosecutors say he gave his son a heads up upon learning that “the company's only product, an experimental drug for multiple sclerosis, had failed in clinical trials.”
Cameron Collins began dumping shares the very next day, and prosecutors say he also shared the information with Zarsky.
It remains unclear whether the trio will plead guilty to some or all of the charges, or if they will plead guilty to lesser charges, The Buffalo News said.
Collins was the first Republican lawmaker to endorse Donald Trump as a presidential candidate in 2016.
"We need a chief executive, not a chief politician," Collins told CNN's Erin Burnett at the time. "Donald Trump is the individual as president that can lead this country and reclaim our great state and provide a bright future for our children."