Collins was the first member of Congress to endorse Donald Trump.
US Representative Chris Collins from the 27th Congressional District of New York said in a courtTopline
: Rep. Chris Collins—the first member of Congress to endorse Donald Trump— resigned his seat Monday before he was expected to plead guilty to insider trading charges, a spokesperson for Nancy Pelosi said. 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. A spokesperson for Collins’s office did not immediately respond to a request for comment.
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