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

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Last edited Mon Sep 30, 2019, 02:41 PM - Edit history (2)

Source: Washington Post




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. Collins' attorney did not respond to an email and phone call seeking comment.

Collins, who once called the charges against him "meritless," has since 2013 represented New York's 27th Congressional District, which encompasses suburban and rural areas stretching east of the Buffalo metropolitan area.Collins won reelection last year after initially suspending his campaign, then reversing that decision despite pressure from Republicans to step aside and allow another GOP candidate on the ballot. Collins was sworn in for a fourth term in January but was not seated on any House committees pending resolution of his indictment.

Several candidates have announced campaigns to challenge Collins in 2020, including GOP state Sens. Chris Jacobs and Rob Ortt as well as Democratic lawyer Nate McMurray, who came about 1,000 votes shy of unseating Collins last year. Should Collins resign, New York Gov. Andrew M. Cuomo (D) would set a special election for the coming months.

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

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Original article -

By Renae Merle and Mike DeBonis
September 30, 2019 at 1:58 p.m. EDT

BREAKING: 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.

This is a developing story. It will be updated.

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