Republican Rep. Chris Collins resigns House seat ahead of guilty plea to insider-trading charges

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https://www.washingtonpost.com/business/2019/09/30/rep-chris-collins-expected-plead-guilty-insider-trading-case.html

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.

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