Us Congressman agreed to plead guilty to insider trading and resign (PHOTO)

A member of the lower house of Congress 69-year-old Republican Chris Collins has decided to voluntarily resign as a Congressman. Previously, he was accused of improper use of insider information for profit, reports TASS with reference to the broadcaster NBC.
Since 2013 he represents in the lower house of the 27th congressional district of the state of new York.

According to sources, the broadcaster, Collins on Tuesday intends to change his original statement and to plead guilty. After that the legislator will receive notification of the resignation to the Congress of the United States. The resignation will automatically take effect after the announcement of notification during session 1 Oct.

The U.S. justice Department filed against Collins ‘ allegations of using confidential information to profit from market transactions. We are talking about activities connected with the Australian pharmaceutical company Innate Immunotherapeutics, a member of the Board of Directors was previously a legislator.

Collins was arrested and released after payment of bail of $ 500 thousand dollars first called the accusations unfounded and stressed that he will not refuse from participation in the midterm elections in the U.S. Congress in November. However, in August he changed his mind and announced the refusal to be re-elected.

As found by the Prosecutor’s office, the Congressman last year became known that the drug company Innate Immunotherapeutics for the treatment of patients with multiple sclerosis failed the audit. Collins was required to maintain the confidentiality of the information, but he reported them to his son.

He alerted other shareholders to enable them to sell securities, while the rest remained in the dark. According to the procuracy, relatives and friends of the Collins ‘ were able to avoid losses in the amount of 760 thousand us dollars