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Rep. Chris Collins. Photo: Bill Clark/CQ Roll Call

Rep. Christopher Collins (R-NY), one of the first members of Congress to support President Trump, was arrested on Wednesday morning for "charges tied to securities fraud," NBC News reports.

The details: Collins surrendered himself to the FBI earlier on Wednesday. He's being charged along with his son, Cameron Collins, and his son's fiancée's father, Stephen Zarsky. The case is related to Australian biotech company Innate Immunotherapeutics Limited, of which the congressman was on the Board of Directors, the indictment states.

  • Collins is expected to appear in federal court in New York later on Wednesday, NBC reports.
  • The congressman's attorneys said in a statement, per NBC: "We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name. ... We are confident he will be completely vindicated and exonerated."
  • Speaker Paul Ryan announced that Collins would be removed from the House Energy and Commerce Committee until the matter is settled and face an investigation from the House Ethics Committee.

The charges:

  • Christopher Collins: 7 counts of securities fraud, conspiracy to commit wire fraud, wire fraud, and making false statements.
  • Cameron Collins: 7 counts of securities fraud, conspiracy to commit wire fraud, wire fraud, and making false statements.
  • Stephen Zarksy: 4 counts of securities fraud, conspiracy to commit wire fraud, wire fraud, and making false statements.

The full indictment:

Go deeper

33 mins ago - World

Netanyahu campaigns against Biden's plan to save Iran deal

Netanyahu campaigns at a gym last month. Photo: Pool/AFP via Getty

Israeli Prime Minister Benjamin Netanyahu indirectly criticized the Biden administration for its intention to return to the Iran nuclear deal and told his supporters he was prepared to "stand against the entire world" to stop it.

Why it matters: This is a major change of tune for Netanyahu, who had been careful in his statements on the Iran deal and avoided publicly criticizing President Biden. The statement was part of Netanyahu's attempt to rally his base ahead of Israel's election on March 23.

Updated 55 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Tech: "Fludemic" model accurately maps COVID hotspotsVirtual doctor's visits and digital health tools take off.
  2. Politics: Schumer says Senate will stay through weekend to vote on COVID relief — Republican governor of West Virginia says there's no plan to lift mask mandate.
  3. World: Canada vaccine panel recommends 4 months between doses.
  4. Business: Firms develop new ways to inoculate the public.
  5. Local: Ultra-rich Florida community got vaccinations in January.
Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Why fears of a SPAC bubble may be overblown

Illustration: Annelise Capossela/Axios

The SPAC surge continues unabated, with 10 new ones formed since Wednesday morning. And that's OK.

Between the lines: There are growing concerns that retail investors are about to get rolled, with smart sponsors taking advantage of dumb money.