Rep. Chris Collins (R-N.Y.) is resigning from Congress and expected to plead guilty to insider-trading charges today, following allegations last year that Collins schemed with his son to avoid significant losses on a biotechnology investment, the Washington Post reported. Collins allegedly tipped off his son to confidential information about an Australian biotechnology company, Innate Immunotherapeutics, that he learned as a member of its board. Collins and several others used the information to avoid more than $700,000 in losses, according to prosecutors. He is scheduled to change his plea today in a Manhattan federal court. Collins’s son, Cameron, and another family member are scheduled to change their pleas on Thursday.
