Seth Meyers and Stephen Colbert highlight the craziest parts of the charges against Trump pal Rep. Chris Collins

Seth Meyers, Stephen Colbert on the Collins indictment

(Image credit: Screenshots/YouTube/Late Night, The Late Show)

Rep. Chris Collins (R-N.Y.) "was one of [President] Trump's earliest backers, and Trump's repaid that loyalty," sometimes with a gratuitous insult thrown in, Seth Meyers said on Wednesday's Late Night. "If there's anyone who represents the modern Republican Party, the kind of guy who has fully and completely embraced the Trump era and draining the swamp, it's Chris Collins." That was the setup for the revelation that the FBI arrested and federal prosecutors indicted Collins on insider-trading and wire fraud charges Wednesday. "That's right, a sitting member of Congress has been charged for insider trading," he said. "It there anyone close to Trump who hasn't been charged with a crime?"

Meyers explained the charges, stemming from Collins sitting on the board of a biotech company, "which right off the bat is insane. A sitting member of Congress should not be on the board of a publicly traded company. That's like finding out an NFL referee is a part-owner of the Patriots — which I wouldn't be surprised to hear!"

The "crazy thing" is that Collins committed his alleged crime from the lawn of the White House, during a picnic, Stephen Colbert said at The Late Show. "In fact, and this is true, CBS News has exclusive footage of Collins on the phone at the picnic," presumably calling his son to urge him to dump shares, he said, and "The Late Show has acquired the audio," which he played. (Spoiler: It's fake.) Collins tried to call his son 15 seconds after learning the stock would tank but didn't get through until six calls and five minutes later. "If you want to conspire with your millennial children, you don't call, you text," Colbert said, and he had a suggested text message at the ready. Watch below. Peter Weber

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.