Congressman Chris Collins (R-NY)

Congressman Chris Collins, a Republican (and 1st lawmaker to endorse Trump) representing the 27th district in New York, was arrested for securities fraud on Wednesday.

The Congressman pleaded not guilty.

Nancy Pelosi, one of the wealthiest members of Congress said on Wednesday that the charges against Collins show the rampant corruption and self-enrichment among Republicans in Washington today.

Does anyone in the media have the guts to ask Pelosi, Feinstein and Maxine Waters how they’re worth millions of dollars on a relatively modest salary?

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Feinstein’s husband raked in millions of dollars on his Chinese investments whilst a Chinese spy worked for the Democrat Senator for 20 years, but only the Republicans have a problem with corruption and self-enrichment according to Pelosi.

The NY Daily News reported:

The Republican lawmaker, one of President Trump’s earliest supporters, is accused of sharing inside information about a biotechnology company with his son and the father of his son’s fiancée in a scheme that allowed them to dodge nearly $800,000 in stock losses, prosecutors say.

Manhattan federal prosecutors say the upstate New York congressman was at a White House picnic when he tipped off his son Cameron Collins, 25, that a new multiple sclerosis drug had failed a medical trial — a crushing blow for a company whose fate rested with the medication. Cameron Collins immediately dumped more than 1 million shares of Innate stock and passed along the news to his fiancée’s father Stephen Zarsky, 66, and others, the indictment says. The public announcement of the failed drug trials caused the Innate stock price to plummet 92%. By dumping their shares early, the Collins clan managed to skirt stock losses totaling $768,000, the indictment says. “Congressman Collins cheated our markets and our justice system in two ways,” Berman said. “First he tipped his son to confidential corporate information at the expense of regular investors and then he lied about it to law enforcement to cover it up.” The three defendants surrendered to authorities Wednesday. They were arraigned in Manhattan Federal Court on a raft of charges including securities fraud, wire fraud and making false statements to the FBI. The trio, after pleading not guilty, were freed on $500,000 bail. Collins, 68, kept his mouth shut as he left the courthouse surrounded by a scrum of reporters and photographers, and hopped into a black SUV.

Although the Buffalo mayor called on Chris Collins to resign, he refused to give up his seat.

In a statement through his lawyers, Collins said, “We will answer the charges filed against Congressman Collins in court and will mount a vigorous defense to clear his good name,” said lawyers Jonathan Barr and Jonathan New. “It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock. We are confident he will be completely vindicated and exonerated,” The New York Daily News reported.

Rep. Chris Collins will be holding a press conference at 6:30 PM ET Wednesday evening.

Via Congress reporter Chad Pergram: GOP NY Rep Collins to hold press conference at 6:30 pm et in Buffalo “to address the charges filed today in the U.S. District Court for the Southern District of New York.”

GOP NY Rep Collins to hold press conference at 6:30 pm et in Buffalo “to address the charges filed today in the U.S. District Court for the Southern District of New York.” — Chad Pergram (@ChadPergram) August 8, 2018

TGP’s Jim Hoft brought up a great point…