Collins was the first member of Congress to endorse Donald Trump.
US Representative Chris Collins of New York said in a court filing that he will plead guilty to charges of fraud on Tuesday.: A day after resigning from Congress, former Representative Chris Collins—the first member of Congress to endorse Donald Trump—plead guilty Tuesday to insider trading charges.
Pelosi received Collins’s resignation letter Monday afternoon after a court filing showed he was pleading guilty to charges of fraud, conspiracy and lying to the FBI. Collins was arrested and indicted in August 2018 for his role in an insider trading scheme involving Australian biotech company Innate Immunotherapeutics.that Collins—who sat on Innate Immunotherapeutics’s Board of Directors and held 16.8% of its stock—learned at a congressional picnic that an important drug trial had failed. Collins then frantically called his son from the White House, who then dumped his stock and tipped off others before the information went public.
Collins himself did not sell his own stock, but his son and the others he tipped off were able to avoid $768,000 in losses. Despite the indictment, Collins was reelected by his district in Upstate New York months later by a slim margin of about 1,000 votes. The district overwhelmingly voted for Trump during the 2016 presidential election.What’s nextFollow me on
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