The Latest: Ex-Rep Chris Collins pleads guilty in stock case
NEW YORK (AP) — The Latest on a guilty plea from former U.S. Rep Chris Collins of New York (all times local):
Former U.S. Rep. Chris Collins has pleaded guilty in an insider trading case, a day after he resigned from Congress.
The Republican from western New York entered the plea on Tuesday in federal court in Manhattan. He had been accused of leaking confidential information about a biopharmaceutical company to his son while attending a White House picnic in 2017.
The information allowed the son and another man to dump their stock in the company and avoid nearly $800,000 in losses.
The U.S. House made Collins’ resignation official Tuesday morning. It’s now up to Democratic Gov. Andrew Cuomo to set a special election to fill the seat in the Republican-leaning district.
The 69-year-old Collins was among the first members of Congress to support President Donald Trump’s run for the White House.
Former U.S. Rep. Chris Collins is scheduled to appear before a federal judge for an expected guilty plea in an insider trading case.
Congress made the New York Republican’s resignation official Tuesday morning, hours before a planned 3 p.m. appearance before a federal judge in Manhattan.
Prosecutors say Collins had access to inside information about a biopharmaceutical company through his seat on its board.
They say he leaked bad news about a failed clinical trial at the company to his son.
The tip allowed Cameron Collins and another man to avoid nearly $800,000 in stock losses.
With his departure from Congress, it will be up to New York Gov. Andrew Cuomo to set a special election to fill the seat in the Republican-leading district.