Washington (CNN) New York Republican Rep. Chris Collins suspended his reelection campaign on Saturday after he was indicted earlier this week on charges related to insider trading.

"After extensive discussions with my family and friends over the last few days, I have decided that it is in the best interests of the constituents of NY-27, the Republican Party and President Trump's agenda for me to suspend my campaign for re-election to Congress," Collins said in a statement. His announcement reverses a comment he made last Wednesday insisting that he would "remain on the ballot running for re-election this November" despite the charges.

Collins' move sets up a scramble by Republicans to overcome New York's complicated election laws to remove him from the ballot and replace him with another candidate before November's midterm elections. That outcome will likely impact the ability of Democrats to flip the seat, which had previously been the most heavily Republican district in New York but now could be competitive.

Federal prosecutors on Wednesday charged Collins, his son and another man with 13 counts of securities fraud, wire fraud and false statements stemming from an alleged insider trading scheme centered on an Australian pharmaceutical company. He could face up to 150 years in prison if convicted on all counts, according to Nick Biase, a spokesman for the US Attorney's Office of the Southern District of New York.

Collins has maintained that he is not guilty of the charges, saying in his statement on Saturday that he would "continue to fight the meritless charges brought against me and I look toward to having my good name cleared of any wrongdoing."

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