Collins, as the News Blender reported was indicted last August, on charges relating to his work on the board of an Australian based biotechnogoly company, Innate Immunotherapeutics.
According to the indictment Collins, along with his son, Cameron, and Stephen Zarsky, committed fraud, after a medical treatment Innate was developing failed clinical trials.
The three allegedly used information provided by Collins in order to dump Innate stock prior to the public release of the clinical trial failures. At the time all three pleaded not guilty to the charges.
Courthouse News reported that Collins, an early supporter of President Donald Trump, branded the allegations against him as “fake news,” calling local paper Buffalo News, the “Fake Buffalo News.” He added it was a conspiracy to keep him from “fighting for President Trump’s pro-jobs agenda.”
The Buffalo News reported that at this time it’s unclear if Collins is changing his plea to guilty on all charges, or simply pleading guilty to lesser charges. His son Carmon, and Zarsky are expected to change their pleas on Thursday.
Axios reported that Collins has resigned his Congressional seat. Speaker of the House, Nancy Peolsi’s office confirmed the news.
Bloomberg reporter Erik Wasson confirmed Collins resignation via Twitter.
CONFIRMED: @RepChrisCollins resignation has been received by Speaker Pelosi and will become effective tomorrow when read on the House floor— Erik Wasson (@elwasson) September 30, 2019