Rep. Chris Collins (R-NY) will reportedly plead guilty to federal charges of insider trading on Tuesday. While an official special election has yet to be announced, New York's Democratic Governor Andrew M. Cuomo will likely set one in the coming months.
Collins was the first sitting member of the House of Representatives to endorse President Donald Trump in the run-up to the 2016 election and has been an ardent supporter ever since.
US Republican Chris Collins speaks to reporters as he leaves the courthouse after a pretrial hearing in his insider-trading case, in NY.
A federal judge in Manhattan has scheduled a hearing for Collins to enter a guilty plea in the case Tuesday afternoon.
The indictment also highlighted a memorable claim: that Collins was attending the annual congressional picnic at the White House on June 22, 2017, when he received the information about the failed drug trial from the company's CEO and then repeatedly dialed his son. The trio were accused in August 2018 of illegally dumping shares of a biotech company, saving them almost $800,000 in losses. Prosecutors said the three avoided more than $768,000 in losses by trading ahead of the public announcement of the failed drug trials.
National news sites are reporting U.S. Rep Chris Collins has resigned.
Collins, who was among the first members of Congress to support President Donald Trump's run for the White House, had been scheduled to go to trial next year on charges he illegally leaked confidential information about a biopharmaceutical company to his son, allowing Cameron Collins and another man to avoid almost $800,000 in stock losses. He won reelection last fall in New York's 27th Congressional District while under indictment.
On Aug. 8, 2018, Geoffrey S. Berman, the US attorney for the Southern District of New York, and William F. Sweeney Jr., the assistant director-in-charge of the New York Field Office of the Federal Bureau of Investigation, announced the arrests of Collins; his son, Cameron Collins; and Stephen Zarsky, the father of Cameron Collins' fiancée.
He had already been under investigation by the Office of Congressional Ethics in relationship to his holding a 16.8 percent stake in Innate, as well as his promotion of the company.
"There are candidates who I think will be in before we get off the phone". The Cook Political Report instantly changed its rating of the race in Collins's district from Lean Republican to Solid Republican.
"Channeling the great Ronald Reagan", Collins said in a statement on Twitter, "There they go again". He ran for the seat in 2012, losing to Collins in the GOP primary - while winning a majority of the countries in the district.