Ex-Rep. Collins due in court for guilty plea in stock case
NEW YORK (AP) — 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.