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Congressman Chris Collins to plead guilty on insider trading charges

Posted at 11:08 AM, Sep 30, 2019
and last updated 2019-09-30 14:01:07-04

Congressman Chris Collins is expected to plead guilty to insider trading charges in Federal Court on Tuesday.

According to court documents, Collins is scheduled for a "change of plea hearing." Collins is expected to appear before Judge Vernon S. Broderick. Broderick's chambers told 7 Eyewitness News Collins will change his plea from not guilty to guilty.

A complaint filed in the United States District Court, Southern District of New York by the U.S. Securities and Exchange Commission accuses Cameron Collins of selling large amounts of stock in Innate Immunotherapeutics, Ltd. before relevant information about a clinical trial was made public. Chris Collins is accused of giving his son the information.

It's unclear why the Congressman is changing his defense.

"The Congressman, nor his office, will comment on this ongoing legal matter," said Collins spokesperson Jennifer Brown.

Earlier this month, Collins expressed confidence he would be exonerated of charges of insider trading.

Despite facing federal charges, Collins narrowly won re-election in the 27th Congressional District last November. He hasn't yet said whether he will seek re-election next year. He does say, however, if he runs again, he's confident he'll win.