Chris Collins (U.S. politician)

Rep. Chris Collins resigns ahead of guilty plea for insider trading

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

Rep. Chris Collins (R-N.Y.) is resigning ahead of a hearing Tuesday in which he is expected to change his "not guilty" plea in a criminal insider trading case, Speaker Nancy Pelosi's office confirmed Monday.

Context: In August 2018, Collins was arrested in connection with an alleged insider trading scheme involving Innate Immunotherapeutics, an Australian drug company whose board he sat on for years. Prosecutors allege that Collins, the first congressman to endorse President Trump in 2016, received a tip about about a failed clinical trial involving the company's only product. He then allegedly called his son Cameron, who sold off shares of Innate stock the next day.

GOP Congressman Chris Collins raises $5,000 in Q1, no individual contributions

Rep. Chris Collins from New York
Photo: Bill Clark/CQ Roll Call/Getty Images

In the first quarter of 2019, Rep. Chris Collins (R-N.Y.) received $0 in campaign contributions from individuals for his re-election, according to a filing with the Federal Elections Commission.

The backdrop: Collins was charged in 2018 with 11 counts of securities fraud, wire fraud and providing false testimony to investigators. The charges stem from insider trading involving an Australian drug company. In total, he has only been able to raise $5,000, which came from the campaign of another New York Republican who failed to secure a seat in last year's election, and 2 PACs. In the 2018 midterm election, Collins fundraised $280,000, reports The Daily Beast, despite his felony charges, and won a fourth term..

Go deeper: Rep. Chris Collins arrested for securities fraud