Ex-Rep. Collins pleads guilty

NEW YORK » Former Rep. Chris Collins pleaded guilty Tuesday in an insider trading case, a day after he resigned from Congress and set off a scramble to fill his seat in his Republican-leaning district.

Collins had initially denied charges he leaked confidential information about a pharmaceutical company and was set to go to trial next year in federal court in Manhattan. But on Monday, the Republican from western New York and staunch supporter of President Donald Trump withdrew his not guilty plea and resigned from Congress.

During his guilty plea to securities fraud conspiracy and making false statements to the FBI, Collins told the judge that he was “embarrassed and dismayed” that he betrayed the trust of his constituents. He called it “something I’ll have to live with for the rest of my life.”

With Collins’ departure, it will be up to Democratic Gov. Andrew Cuomo to set a special election to replace him. The governor said in a radio interview Tuesday that the timing remains uncertain for an election that’s expected to now draw even more candidates to an already crowded field.

“The question is, when can I do it?” Cuomo said. “But sooner rather than later is my inclination.”

The case against the 69-year-old Collins stemmed from his business dealings with Innate Immunotherapeutics Ltd., a biotechnology company headquartered in Australia. He was the company’s largest shareholder and sat on its board. In 2017 Collins received an email from the company’s CEO saying that a drug developed to treat multiple sclerosis had proven to be a clinical failure. Collins said he called his investor son so the son could unload his stock in the company before it made the bad news public.