Rep. Chris Collins (R-N.Y.) announced Wednesday night that he is not resigning and is still running for re-election, hours after he was arrested on charges of insider trading, wire fraud, and making false statements to the FBI.
The three-term incumbent is on the board of the Australian biotech company Innate Immunotherapeutics, and he said without his "investments and steadfast support, the company would have gone under." In court filings, federal prosecutors allege that Collins learned ahead of time that Innate's drug did not pass clinical trials, and quickly notified his son, so he could make trades and save himself from hundreds of thousands of dollars in losses.
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