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>> The charges that have been levied against me are meritless, and I will mount a vigorous defense in court to clear my name.>> New York Congressman Chris Collins digging in after being indited for insider trading Wednesday. A key supporter of President Trump, Collins finds himself in legal hot water just months before the midterm elections.
But speaking Wednesday night in Buffalo, he said he's still running for reelection.>> And I will remain on the ballot->> Prosecutors say Collins, who sat on the board of a publicly traded Australian biotech firm, passed on insider tips about the impending failure of a key drug trial to his son and the father of his son's fiancee, US attorney Geoff Berman.
>> Congressman Collins had an obligation, a legal duty to keep that information secret. Instead, as alleged, he decided to commit a crime.>> Prosecutors said that in June of 2017, Collins was at a White House picnic for lawmakers when he learned in an email that a trial for a proposed multiple sclerosis drug had failed.
According to the indictment, Collins immediately called his son, and told him the news.>> He tipped his fiancee, he tipped his fiancee's wife, he tips his fiancee's father.>> They allege Collins' son and others traded on the info on the firm, Innate Immunotherapeutics, avoiding more than $700,000 in losses.
The indictment alleges Collins also lied about the matter to the FBI. Collins pleaded not guilty Wednesday at his arraignment in Federal Court in Manhattan.>> President Trump is going to build the wall and->> He was one of the earliest congressional endorsers of President Donald Trump. He's running for reelection for his upstate New York seat, just as Democrats are making a major push to take back the House.
House Speaker Paul Ryan announced Collins would be stripped of his position on the House Energy and Commerce Committee until the case is resolved.