Rep. Chris Collins, R-N.Y., is suspending his re-election campaign. Collins originally vowed to fight the charges, but will now retire after his term is complete. Collins was arrested Wednesday morning after a federal grand jury indicted him on insider trading charges as well as lying to federal agents. In his statement, Collins said he would "continue to fight the meritless charges" and looks forward to clearing his name of wrongdoing. Federal prosecutors allege Collins — who sits on the board of an Australian pharmaceutical company — shared non-public details about the failure of a multiple sclerosis drug in clinical trials. Prosecutors say Collins’ family members used that information and were able to sell off shares and avoid more than $760,000 in losses.
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