The republican congressman of New York, Chris Collins, suspends his reelection campaign

New York Rep. Chris Collins (Wednesday) has stated that he will suspend his re-election campaign three days after being charged with charges that include insider trading. He allegedly told his son to sell shares in a biotech company after he was warned that a drug had not been approved.

New York Rep. Chris Collins said he has changed course and is now suspending his re-election campaign three days after being charged with insider trading charges.

"I have decided that it is in the best interest of the constituents of the NY-27, the Republican Party and President Donald Trump's agenda for me to suspend my campaign for re-election to Congress," Collins said in the statement released Saturday morning. .

The congressman of three periods of the Republic of New York came to say that he will complete his term and will continue to fight against the charges without merit that are imputed to me.

New York Rep. Chris Collins (Wednesday) has stated that he will suspend his re-election campaign three days after being charged with charges that include insider trading. He allegedly told his son to sell shares in a biotech company after he was warned that a drug had not been approved.

New York Rep. Chris Collins (Wednesday) has stated that he will suspend his re-election campaign three days after being charged with charges that include insider trading. He allegedly told his son to sell shares in a biotech company after he was warned that a drug had not been approved.

Collins had previously said he intended to remain on the ballot and run for re-election in November, while fighting charges "without merit". against him.

Collins had previously said he intended to remain on the ballot and run for re-election in November, while fighting charges "without merit". against him.

Collins had previously said he intended to remain on the ballot and run for re-election in November, while fighting charges "without merit". against him.

The change of opinion came after Wednesday's indictment on charges that Collins used privileged information about a biotech company to conduct illicit stock exchanges.

At a news conference on Wednesday night, Collins said he would remain on the ballot and stand for re-election in November.

"After today, I will not address any issues related to Innate Immunotherapeutics outside the courtroom," Collins told the press conference, telling reporters he would "mount a strong defense before the court to clear my name" and that anticipated. "totally vindicated and exonerated. & # 39;

The accusation on Wednesday was linked to Collins' investment in Innate Immunotherapeutics, an Australian biotech firm whose main job was in a drug to help people with multiple sclerosis.

That drug, MIS416, had the potential of billions in profits due to the lack of treatment for the disease. But its drug test stage failed and, when the news became public, the company's stock fell by 92 percent.

Rep. Chris Collins was one of President Trump's biggest supporters on Capitol Hill, he was seen at the White House Congress Picnic with Trump and First Lady Melania Trump.

Rep. Chris Collins was one of President Trump's biggest supporters on Capitol Hill, he was seen at the White House Congress Picnic with Trump and First Lady Melania Trump.

Rep. Chris Collins was one of President Trump's biggest supporters on Capitol Hill, he was seen at the White House Congress Picnic with Trump and First Lady Melania Trump.

The images of CBS News captured Collins, with a red circle, on the telephone of the White House South Lawn during the time that prosecutors accuse of being talking to his son about the stock

The images of CBS News captured Collins, with a red circle, on the telephone of the White House South Lawn during the time that prosecutors accuse of being talking to his son about the stock

The images of CBS News captured Collins, with a red circle, on the telephone of the White House South Lawn during the time that prosecutors accuse of being talking to his son about the stock

Rep. Chris Collins (wearing a white shirt) is seen talking on his cell phone during the annual White House Congress picnic when Jared Kushner walked by

Rep. Chris Collins (wearing a white shirt) is seen talking on his cell phone during the annual White House Congress picnic when Jared Kushner walked by

Rep. Chris Collins (wearing a white shirt) is seen talking on his cell phone during the annual White House Congress picnic when Jared Kushner walked by

According to the indictment, it is believed that Collins learned that the drug had not passed the tests of an email he received from the CEO of Innate at 6:55 p.m. M. June 22, while Collins attended the annual White House Congress Picnic.

It is said that Collins, who is part of the board of directors of the company, tried to call his son, Cameron, six times between 7.11 and 7.16 p. M., At that time they connected and talked for six minutes.

Federal investigators allege that the stock deposits of Cameron, 25, the father of his fiancé and other relatives saved them from losing $ 768,000 when the stock price plummeted after the failure of the lawsuits was publicly revealed. the 26th of June.

According to the indictment, Collins could not personally exchange his innate actions, because he was being investigated by the Congressional Ethics Office for his ownership of the shares, plus the fact that the shares he owned were held by the Australian stock exchange. , which had already put a brake on sales of Innate shares.

However, Cameron was able to sell the shares he owned in the company, according to the indictment. The day after supposedly receiving his father's call, Cameron called his brokerage firm at 7:42 am and exchanged more than 16,000 shares. Later that day, he made 17 additional orders to sell Innate shares.

In total, it is said that Cameron sold almost 1.4 million shares of Innate between June 23 and June 26.

According to Collin's 2016 financial disclosure report, it had a stake in Innate valued between $ 25 million and $ 50 million at that time.

After the accusation, CBS News He revealed Wednesday night that he had found images of what the news organization believed was the exact moment Collins made the calls to his son that led to the accusations of insider trading.

New York congressman Chris Collins told a news conference in Buffalo on Wednesday that he would fight the charges against him and remain on the ballot for his re-election.

New York congressman Chris Collins told a news conference in Buffalo on Wednesday that he would fight the charges against him and remain on the ballot for his re-election.

New York congressman Chris Collins told a news conference in Buffalo on Wednesday that he would fight the charges against him and remain on the ballot for his re-election.

The time frame of your footage matches the time of the call as indicated in the accusation. In the video, you can see Collins pacing back and forth on his cell phone, while Jared Kushner passes.

Collins, who was the first defender of Donald Trump on Capitol Hill, Cameron and Stephen Zarsky, the father of Cameron's girlfriend, face 13 counts of alleged securities fraud, fraud and false statements.

They also face charges for insider trading of the Securities and Exchange Commission.

Jessica Proud, a spokeswoman for the New York State Republican Party, said no decision has been made about a possible replacement of Collins on the ballot. She said the party is weighing her options.

House Speaker Paul Ryan said Collins would be removed from the Chamber's influential House Energy and Commerce Committee until the matter is resolved.

Trump has no connection to the case. He promised during his presidential campaign & # 39; drain the swamp & # 39; of corruption in Washington.

Collins was one of the first members of Congress to endorse Trump as president in the 2016 Republican primaries. He did so before it became clear that the business executive had any chance of winning the nomination, saying the country needed the # A chief executive, not a political boss & # 39;

He has maintained close ties with the White House and acted as a substitute for Trump.

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