Accused Insider Trader Chris Collins is not seeking Re-election
Representative Chris Collins of New York, who was arrested on charges of insider trading, will not seek re-election. Collins officially suspended his campaign on Saturday. The Republican Congressman was arrested on Wednesday for insider trading.
“After extensive discussions with my family and friends over the last few days, I have decided that it is in the best interests of the constituents of NY-27, the Republican Party and President Trump’s agenda for me to suspend my campaign for re-election to Congress,” Collins said in a statement
In a tweet, the Congressman said he was stepping down in order to keep the Democrats from electing a pro-impeachment candidate to take his seat. “They would like nothing more than to elect an “impeach Trump” Democrat in this district, which is something that neither our country nor my party can afford.” The decision is a complete about-face from Collins saying that he would stay on the ballot when the charges were first brought against him.
The Congressman is accused by federal prosecutors of tipping off his son about the results of a drug trial. His son in turn traded on the information. The indictment points to a drug trial performed by Innate Immunotherapeutics Ltd. Collins sits on the company’s board and owns 16.8 percent of its stock. Collins has denied any wrongdoing in the matter.
The situation could not come at a more crucial time for Republicans. The 2018 midterm elections are quickly approaching and Democrats are completely focused on taking control of the House of Representatives. The Republicans will have to move swiftly to get a viable candidate on the ballot or they will be forced to hand over Collins’ seat on November 6.