FILE - In this Sept. 12, 2019 file photo, U.S. Rep. Chris Collins, R-N.Y., speaks to reporters as he leaves the courthouse after a pretrial hearing in his insider-trading case, in New York. Collins is resigning from his seat ahead of an expected guilty plea in an insider trading case in which he was accused of leaking confidential information during an urgent phone call made from a White House picnic. Collins submitted a resignation letter Monday, Sept. 30, 2019 according to a spokesman for House Speaker Nancy Pelosi. It will take effect when Congress meets in a brief session on Tuesday. (AP Photo/Seth Wenig, File)

Ex-Rep. Collins due in court for guilty plea in stock case

October 01, 2019 - 9:48 am

NEW YORK (AP) — Former U.S. Rep. Chris Collins is scheduled to appear before a federal judge for an expected guilty plea in an insider trading case.

Congress made the New York Republican's resignation official Tuesday morning, hours before a planned 3 p.m. appearance before a federal judge in Manhattan.

Prosecutors say Collins had access to inside information about a biopharmaceutical company through his seat on its board.

They say he leaked bad news about a failed clinical trial at the company to his son.

The tip allowed Cameron Collins and another man to avoid nearly $800,000 in stock losses.

With his departure from Congress, it will be up to New York Gov. Andrew Cuomo to set a special election to fill the seat in the Republican-leading district.

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