Facing Indictment, NY GOP Rep. Collins Stepping Down

Posted at 11:12 AM, Aug 11, 2018
and last updated 2018-08-11 11:12:09-04

NEW YORK (AP) — Republican U.S. Rep. Chris Collins says he will no longer run for re-election after being charged with insider trading.

Collins said in a statement released Saturday he will suspend his re-election campaign and fill out the rest of his term.

The New York congressman was arrested Wednesday on charges he used inside information about a biotechnology company to make illicit stock trades. An indictment was unsealed in federal court in Manhattan. He has denied any wrongdoing.

His announcement comes a few days after he said he would remain on the ballot despite the charges.

His statement said he’s ending his campaign in the best interest of his constituents, President Donald Trump and the Republican Party.

Collins was first elected in 2012.