>> US Representative Chris Collins on Saturday suspending his campaign for reelection to Congress just days after being charged with taking part in an insider trading scheme.>> We announce criminal charges against Christopher Collins.>> In a statement posted on Twitter, Collins said he thought the move was in the best interests of his constituents in New York, as well as the Republican party, and President Trump's agenda.
The decision marking a reversal from a defiant tone struck at a press conference earlier this week.>> And I will remain on the ballot, running for reelection this November.>> On Saturday Collins said he would fill out the remaining months of his term in office. Adding on Twitter, quote, I will also continue to fight the meritless charges brought against me and I look forward to having my good name cleared of any wrongdoing.
The 68 year old was charged earlier this week with taking part in an insider trading scheme involving an Australian biotech company, Innate Immunotherapeutics, on whose board he served.>> He tipped his son to confidential corporate information at the expense of regular investors.>> One of Trumps earliest supporters in Congress, he was predicted to easily win reelection for a fourth term in the solidly Republican 27th Congressional District of New York.
According to electoral board rules it's too late for Collins to withdraw from the ballot, but the suspension of his campaign could improve chances for Democrat Nate McMurray.