Rep. Chris Collins turned himself into the FBI Wednesday morning on federal charges of insider trading and lying to the FBI to cover up the scheme.
Collins, 68, who served on the board of an Australian biotech firm, is accused of giving his son, Cameron Collins, information on a drug trial that had failed knowing that Cameron would use the information to tip others to sell stock in the company.
After the co-conspirators engaged in “timely trades” of the stock, the value plunged 92%. The defendants, Chris and Cameron Collins and Steven Zarsky, managed to avoid more than $768,000 in losses.
House Speaker Paul Ryan called for a “prompt and thorough” investigation and said that Collins would be removed from his seat on the House Energy and Commerce Committee for now.