Ex-Congressman Pleads Guilty in Insider-Trading Case
- Guilty plea comes as New York’s Chris Collins quits Congress
- Under plea deal prosecutors suggest 46- to 57-month sentence
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Chris Collins pleaded guilty to insider-trading charges just hours after his resignation from Congress took effect, completing a stunning downfall for the first U.S. Representative to endorse Donald Trump for president.
A Republican from western New York, Collins was charged last year with tipping his son, Cameron, to negative results from a clinical trial by Innate Immunotherapeutics Ltd., an Australian biotechnology company on whose board he sat. That let Cameron and other family members dump their shares and avoid losses when the stock fell, according to the government.