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Rep. Collins resigns seat ahead of guilty plea

Video Credit: Reuters Studio - Duration: 01:01s - Published
Rep. Collins resigns seat ahead of guilty plea

Rep. Collins resigns seat ahead of guilty plea

Rep.

Chris Collins (R-NY) resigned from his congressional seat on Monday.

He's expected to plead guilty to insider trading charges on Tuesday.

Priscilla Huff reporting.

Chris Collins, a Republican congressman from New York, has resigned from his seat Monday.

He is expected to plead guilty on Tuesday in a case charging him with taking part in an insider trading scheme involving Australian biotechnology company, Innate Immunotherapeutics... of which Collins was on the board and held a stake in the firm.

In 2017 - while attending the Congressional picnic at the White House - Collins learned in an email that a clinical trial for the company's proposed multiple sclerosis drug had failed.

Prosecutors say he immediately passed that information onto his son, and his son's fiancee's family.

Prosecutors allege others used the insider information to avoid more than $768,000 in losses when Innate's share price plunged 92% after news of the MS drug's failure became public.

The fiancee's family reached civil settlements with the U.S. Securities and Exchange Commission.




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