NEW YORK — Rep. Chris Collins is resigning from Congress and expected to plead guilty to insider-trading charges on Tuesday, following allegations last year that the Republican from New York schemed with his son to avoid significant losses on a biotechnology investment.
Collins, President Trump’s first congressional supporter, allegedly tipped off his son to confidential information about an Australian biotechnology company, Innate Immunotherapeutics, that he learned as a member of its board. Collins and several others used the information to avoid more than $700,000 in losses, according to prosecutors.
He is scheduled to change his plea Tuesday afternoon in a Manhattan federal court.
Collins’s son, Cameron; and another family member are scheduled to change their pleas on Thursday.
House Speaker Nancy Pelosi (D-Calif.) received a letter of resignation from Collins on Monday, a senior Democratic aide said. The resignation will be effective when the letter is officially filed at a scheduled House session Tuesday.