NY GOP lawmaker charged with insider trading and lying to FBI

Rep. Chris Collins is accused of sharing inside information to save family and friends nearly $800,000; he has pleaded not guilty.
2:48 | 08/08/18

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Transcript for NY GOP lawmaker charged with insider trading and lying to FBI
here T the stunning arrest of a sittg congressman. One the first endorse charged with ins trading, allegedlyning hismily and fri dumptock justore it tanked in value. Congressn Chris Collins of new accused O using his connections to a phaeutical to learn T a for muiposis had fled and then alerting hisily members, including phone calls legedly ma F the W authorities say those family sold that stock before it plu 92%. Here's ABC's chief biness corrrebecca Ya vice GHT. Reporter: He's one of president trump's most loyal supporters. Donald Trump is a movement. EP first member ofcongress tendorse him.,chris, rig from the beginning, he sat going W. Reporter: But tonight, New York replican congsschris Collins is charged with insider trading and lying to the FBI. Allegedly sharing ins inrm save fami a friendnearly $8000 He pled his family and friends above the puic good. Reporr:who posted this foe foe from a white house in Jun 2017, where he aldly reivedn e-mail from the head of australn armaceutic company innate imtherapeuti where colns sits on the board. The CEO rming him the company's mostortant drug for ailed a ten back,"wow. No sense." R, government sayshecongressn called his son multiple times becting and passing on the information. E Ng spott here at E picnic on his phone. S llegedly ring Stephen zarsky and others. The government says morn the group arted dumping shares ofhecompany. Four dayslater, when the fd te rul were publicly disclod, the STO pe D 92%. Not guilty coll attorneysel newse will ansr the charges congressman ins in cou and ll mount aoue to clear his good name. Are confi completeindicated D exerated." And Rebecca jarvisive tonight fr the new yorkck Ryan, takintion in the wake of this indictmen Reporter: That's T, David. Hous speakays the courts will decide Collins' guilt or into wants a Thor ethics investigation, and until the matter is congressman will no longer serve on these energy commerce committee. In novemb. David? Rebecca jarsnet thyo Ne, possible storms I the northeast coming in the next

This transcript has been automatically generated and may not be 100% accurate.

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