NEW YORK, NY (WBZ AM) -- New York Congressman Chris Collins (R) is suspending his campaign for re-election after being charged with fraud as part of an insider trading scheme.
Collins announced his decision this morning on Twitter only days after he declared his innocence and vowed to clear his name.
The three term republican congressman is facing multiple counts of securities fraud, charges of wire fraud and is accused of lying to investigators. Other associates, including his son are also charged and are under investigation.
Federal prosecutors are claiming that Collins shared non-public information he received as a board member of an Australian pharmaceutical company about the failure of a drug in clinical trials. With that information Collins' associates and family members sold shares and saved hundreds of thousands of dollars.