Collins Faces Possible Prison Time for Insider Trading Plea

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Buffalo, NY (WBEN) Former Congressman Chris Collins becomes convict Chris Collins after his guilty plea Tuesday to conspiracy to commit fraud and making false statements. Collins admitted making a phone call to his son that triggered an illegal stock trade.

Former US Rep. Chris Collins pleads guilty

Collins had initially denied charges he leaked confidential information about a pharmaceutical company and was set to go to trial next year in federal court in Manhattan on conspiracy, securities fraud and other charges. But on Monday, the court filed papers saying the Republican from western New York would be withdrawing his not guilty plea and he submitted a resignation letter to Congress.