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

Make sure to let us know what you think... we now have comments turned ON below the article!

Republican New York Rep. Chris Collins resigned his seat in Congress on Monday, one day before pleading guilty to federal charges related to insider trading.

Resignation submitted, guilty plea expected

Politico reported that Collins submitted his resignation on Monday and stepped down from the seat he had held representing the Buffalo, New York area since 2012, an office to which he was re-elected in 2018 despite being under indictment on federal charges at the time.

Collins pleaded guilty to insider trading charges on Tuesday morning.

The charges were filed in August 2018 and relate to allegations that Collins shared inside information with family members about a company in which they all were heavily invested, an Australian biotech firm known as Innate Immunotherapeutics. Aside from being the largest investor in that company, Collins also sat on its board of directors.

The biotech firm had been researching a new drug treatment for multiple sclerosis, but clinical trials were unsuccessful. Collins passed that particularly pertinent piece of information along to his family before the news became public, which allowed them to dump their shares — though Collins kept his — prior to the company’s stock price collapsing in June 2017. They were thus able to avoid hundreds of thousands of dollars in potential losses.

Early Trump supporter

The media establishment has been especially keen to focus on Collins’ troubles given the fact that he was the first member of Congress to publicly support then-candidate Donald Trump in 2016 and subsequently became an outspoken defender of the new president in 2017.

Prior to joining Congress, Collins was a successful business executive who had made tens of millions of dollars in various endeavors. Following several unsuccessful attempts to seek political office, he was finally elected in 2012.

When Collins was indicted in August 2018, he didn’t tender his resignation — nor was he pressured to do so by Republican leadership — but he did step down from his seat on the Energy and Commerce Committee and announced that he would not seek re-election in 2018.

However, he later changed his mind and barely retained his seat in Congress, winning by just one point after essentially self-funding his campaign with about $500,000 of his own money. Given the solidly red trend within Collins’ district, it is unlikely that his resignation will lead to the seat falling into Democrat hands in the 2020 election.

Congressional insider trading

Breitbart noted that Collins’ resignation is essentially another notch in the belt of anti-corruption author Peter Schweizer, president of the Government Accountability Institute. Schweizer, who wrote the book “Throw Them All Out” in 2011, has devoted ample attention to political corruption, particularly allegations of insider trading among members of Congress.

In fact, Schweizer has been a driving force behind the passage of the Stop Trading On Congressional Knowledge (STOCK) Act, which prohibits members of Congress from enriching themselves by taking advantage of insider market knowledge and would increase financial transparency requirements for politicians, executive branch officials, staffers, and their family members.

It is unclear at this time what sort of sentence Collins can expect to receive as a result of his guilty plea.

251 Responses

  1. Do you have a spam issue on this website; I also am a blogger, and I was wanting to know your situation; many of us have developed some nice practices and we are looking to swap techniques with others, please shoot me an e-mail if interested.

  2. Woah! I’m really enjoying the template/theme of this blog. It’s simple, yet effective. A lot of times it’s hard to get that “perfect balance” between user friendliness and visual appearance. I must say you have done a fantastic job with this. Additionally, the blog loads super quick for me on Chrome. Excellent Blog!

  3. I’m amazed, I have to admit. Seldom do I encounter a blog that’s equally educative and interesting, and let me tell you, you’ve hit the nail on the head. The issue is something that too few people are speaking intelligently about. I’m very happy that I found this during my hunt for something concerning this.

  4. Howdy! This article could not be written much better! Reading through this article reminds me of my previous roommate! He continually kept talking about this. I am going to send this post to him. Pretty sure he’ll have a great read. Many thanks for sharing!

  5. Can I just say what a relief to seek out someone who actually is aware of what theyre talking about on the internet. You positively know the best way to deliver a difficulty to mild and make it important. Extra individuals have to read this and understand this facet of the story. I cant consider youre not more popular because you positively have the gift.

  6. Spot on with this write-up, I really believe that this website needs much more attention. I’ll probably be returning to read through more, thanks for the advice!

  7. Can I just say what a reduction to find somebody who actually knows what theyre speaking about on the internet. You undoubtedly know methods to bring a problem to light and make it important. More folks have to read this and understand this facet of the story. I cant imagine youre no more fashionable because you definitely have the gift.

  8. This is really interesting, You’re a very skilled blogger. I have joined your feed and look forward to seeking more of your fantastic post. Also, I’ve shared your site in my social networks!

  9. Hey very cool blog!! Man .. Excellent .. Amazing .. I’ll bookmark your site and take the feeds alsoI’m happy to find a lot of useful information here in the post, we need work out more strategies in this regard, thanks for sharing. . . . . .

  10. Hello, i think that i saw you visited my site so i came to “return the favor”.I am attempting to find things to improve my web site!I suppose its ok to use a few of your ideas!!

  11. Hi! I could have sworn I’ve been to this site before but after going through some of the articles I realized it’s new to me. Anyhow, I’m definitely happy I stumbled upon it and I’ll be bookmarking it and checking back regularly!

  12. I loved as much as you will receive carried out right here. The sketch is attractive, your authored material stylish. nonetheless, you command get got an nervousness over that you wish be delivering the following. unwell unquestionably come more formerly again as exactly the same nearly a lot often inside case you shield this hike.

  13. Hi there! This is my first visit to your blog! We are a group of volunteers and starting a new project in a community in the same niche. Your blog provided us valuable information to work on. You have done a marvellous job!

  14. Hi there, just became alert to your blog through Google, and found that it’s really informative. I’m gonna watch out for brussels. I will be grateful if you continue this in future. Lots of people will be benefited from your writing. Cheers!

  15. I’m not sure where you’re getting your information, but great topic. I needs to spend some time learning much more or understanding more. Thanks for fantastic information I was looking for this info for my mission.

  16. Thanks for enabling me to acquire new concepts about computers. I also have the belief that certain of the best ways to keep your notebook computer in perfect condition is to use a hard plastic-type case, and also shell, that suits over the top of the computer. A lot of these protective gear are generally model specific since they are made to fit perfectly across the natural housing. You can buy them directly from the vendor, or via third party places if they are readily available for your mobile computer, however not all laptop can have a covering on the market. All over again, thanks for your ideas.

  17. Have you ever thought about including a little bit more than just your articles? I mean, what you say is important and everything. However think about if you added some great images or video clips to give your posts more, “pop”! Your content is excellent but with images and clips, this site could definitely be one of the greatest in its field. Wonderful blog!

  18. Excellent blog! Do you have any suggestions for aspiring writers? I’m planning to start my own blog soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many choices out there that I’m completely confused .. Any suggestions? Thanks a lot!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Popular