Collins, 69, changed his plea in Manhattan federal court a day after submitting his resignation from Congress, where he had represented New York's 27th District since 2013.
Chris Collins, former U.S. Representative for New York's 27th congressional district, arrives at Federal Court in New York, October 1, 2019.Former Republican Rep. Chris Collins pleaded guilty Tuesday to charges in an insider trading case lodged by federal prosecutors while he was a member of the House.
Collins will plead guilty to charges of conspiracy to commit securities fraud and making false statements, multiple outlets reported., where he had represented New York's 27th District since 2013. His resignation letter, sent to House Speaker Nancy Pelosi, D-Calif., was read on the House floor Tuesday morning.on charges of insider trading and lying to an FBI agent.
His son, Cameron Collins, then allegedly sold thousands of shares of the company's stock before the drugmaker, Innate Immunotherapeutics, issued a press release about the failed trial. The company's stock plummeted more than 90% in the next trading session after the press release was sent out, according to the indictment. Collins saved more than $570,000 by trading on the tip from his father, prosecutors allege.
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