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00:00:00
>> 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.
00:00:23
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.
00:00:44
>> 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.
00:01:07
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.
00:01:29
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.
00:01:52
House Speaker Paul Ryan announced Collins would be stripped of his position on the House Energy and Commerce Committee until the case is resolved.