Congressman resigns, will plead guilty to charges

U.S. Rep. Chris Collins, R-N.Y., is expected to plead guilty to charges of insider trading and wire and securities fraud. Collins resigned from Congress on Monday ahead of Tuesday’s court hearing on the charges. New York Gov. Andrew Cuomo, a Democrat, will call a special election to fill the seat in the state’s mostly Republican 27th District.

What did Collins do? He allegedly shared private information from a biopharmaceutical company with his son after a drug trial failed. Prosecutors said the tip allowed Cameron Collins and another man, Stephen Zarsky, to avoid nearly $800,000 in stock losses. They also face charges. Despite being indicted, Collins won reelection during the 2018 midterm election.

Dig deeper: From the WORLD archives, read Janie B. Cheaney’s report on how congressional staff can sometimes get away with what amounts to insider training.