Rep. Chris Collins (R-N.Y.) is suspending his re-election campaign and will remove his name from the ballot after being charged in an insider trading scheme.
The congressman announced the decision Saturday morning, days after saying that he would clear his name and remain on the ballot. Collins is facing multiple counts of securities fraud, wire fraud and lying to investigators.
Collins is on the board of an Australian pharmaceutical company and shared non-public details about the failure of a multiple sclerosis drug in clinical trials, according to prosecutors. Collins allegedly shared that information with family members who were able to sell off shares. They avoided more than $760,000 in losses, prosecutors say.