Transcript for Rep. Collins pleads not guilty

It's ABC's Erin pitcher ski in New York where congressman Chris Collins who represents an area between buffalo and Rochester in Western New York has now pleaded not guilty. Two charges of insider trading and lying to the FBI. Those charges stem from illicit trades in shares of of biotechnology. Firm. On whose board call and sad and in that position he learned that a clinical trial. For a drug used to treat multiple sclerosis was a failure he got an email about it on June 22 2017. Right as congressman Collins was at the White House attending a congressional picnic. Moments later federal prosecutors said. He tipped off his son Cameron Collins knowing court records said that the sun would use that tipped in order to trade stock. And tip off others in total federal prosecutors said. Collins his son and his son's future father in law along with others not identified in court records avoided losses of nearly 800000. Dollars because once. The test results went public with this drug. Share prices of the Australia based biotechnology. Firm plummeted 92%. Collins is due back in court in October he was released on 500000. Dollars bail. He was told that his travel must be restricted to the United States he had to surrender his diplomatic passport and he left court without comment. I'm Aaron Cook her ski in New York you're watching ABC news lives.

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