Transcript for NY congressman charged
This is ABC's Erin to tears ski in New York where congressman Chris Collins a Republican who represents a swath of territory between buffalo and Rochester in Western New York is facing charges of lying to the FBI. And insider trading he pleaded not guilty. And headed back to his district from his court appearance here in New York. About a clear his name. Collins is up for reelection in November against it now newly emboldened democratic challenger until now. His district had been thought to be relatively safe. Collins was at the White House back in June of 2017 attending a congressional picnic and that is where federal prosecutors allege. He received a bit of bad news a biotechnology. Firm in which he was heavily invested. Had failed a clinical trial for a drug had been testing to treat multiple sclerosis would be after receiving that email. Collins according to federal prosecutors immediately called his son Cameron. Knowing court records said that Cameron Collins would use the tip to trade stock accordingly. And tip off others collectively a group of people in Collins is orbit. Avoided nearly 800000. Dollars in losses they otherwise would have incurred had they traded stocks four days later when the test results when public. And the Biotech firm's shares dropped 92%. Collins is now looking at jail time though he maintains it is in his since his lawyers say he will be vindicated and exonerated he's due back in court in October. And Aaron Codrescu New York banks are watching ABC news lives.
This transcript has been automatically generated and may not be 100% accurate.