Congressman Chris Collins indicted with insider trading

NEW YORK - With a total of 13 counts of security fraud, wire fraud and false statements, things couldn't look much worse for New York Republican representative Chris Collins.

Authorities say Collins, his son, and the father of his son's fiance used insider information about the outcome of a drug trial to trade on a pharmaceutical company's stock.

 

This allegedly allowed them to avoid more than $760,000 in losses they would have incurred if they had traded the stock after drug trial results became public.

Collins surrendered Wednesday morning at his attorney's office in Manhattan.

"Congressman Collins couldn't keep his crime a secret forever," U.S. Attorney of the Southern District of New York, Geoffrey Berman said. "The FBI asked to interview him and instead of telling the truth he lied."

 

Lawyers for both Collins say they look forward to court.

Meanwhile, the congressman was removed from the House Energy and Commerce Committee.