Former Rep. Collins Pleads Guilty to Insider Trading
Chris Collins, the Buffalo-area Republican who had represented New York's 27th Congressional District, has pleaded guilty to federal charges in an insider trading scheme.
Collins appeared in federal court in Manhattan Tuesday, the day after he resigned from Congress. He entered guilty pleas to counts of conspiracy to commit securities fraud and to lying to federal investigators.
Prosecutors had maintained that Collins provided insider information about a drug company to his son.
United States attorney Geoffrey Berman said Collins admitted to illegally tipping his son while standing on the White House lawn.
Collins is scheduled to be sentenced January 17. He's expected to receive a sentence of about four years in prison.
It's not known when Governor Cuomo will call for a special election to fill the vacant congressional seat.
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