Collins gained personal benefit and provided nonpublic information to his son Cameron Collins who sold almost $1.4 million of Innate Immunotherapeutics shares, according to a complaint filed by the Securities and Exchange Commission.
Collins, who was the first sitting member of Congress to endorse Donald Trump's presidential bid, surrendered Wednesday morning at his attorney's office in Manhattan, according to the Federal Bureau of Investigation.
His son Cameron Collins as well as his fiance's father are also named in the document.
Republican congressman Chris Collins, one of the first United States lawmakers to declare support for Donald Trump's presidential candidacy, was indicted by federal prosecutors Wednesday on charges of securities fraud connected to an alleged insider trading scheme.
The Office of Congressional Ethics recommended the House ethics committee dismiss a third charge against Collins regarding a discount he received on a private sale of Innate stock because he was a member of Congress. "We are confident he will be completely vindicated and exonerated", Baker Hostetler attorneys Johnathan Barr and Jonathan New said in the statement.
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Tiger Woods reacts after missing a putt on the 17th hole during the second round of the Bridgestone Invitational on Friday. That was his 79th PGA Tour victory and eighth at Firestone, the venue for this tournament for the last time.
Collins was a member of Innate's board of directors and held almost 17 percent of the stock.
Charging documents said Innate was testing a drug called MIS416, to see if it was an effective treatment for Secondary Progressive Multiple Sclerosis.
Collins gained prominence for being one of the earliest Capitol Hill backers of President Donald Trump. According to the indictment, "All of the trades preceded the public release of the negative drug trial results and were timed to avoid losses that they would have suffered once the news became public".
The House Ethics Committee had been investigating the allegations against Collins since August of 2017.