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GOP Congressman Arrested For Insider Trading
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10 Aug 2018 02:22 AM EST

According to Business Insider, a GOP congressman accused of insider trading will still seek re-election in November. Chris Collins, representative for New York's 27th District, was arrested on August 8th by the FBI, after being charged with securities fraud. Prosecutors in New York accused Collins of tipping off his son about impending bad news regarding an investment in a pharmaceutical company. The company was developing a drug that failed a medical trial, leading the company's stock price to plummet once the news became public. Collins faces 10 counts for conspiracy to commit securities fraud, securities fraud, wire fraud, and making false statements to the FBI.

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