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Rep. Chris Collins (R-N.Y.), who was charged this week as part of an insider trading scheme, is suspending his re-election campaign and will attempt to remove his name from the ballot.

The third-term congressman announced the decision Saturday morning, just days after he vowed to clear his name and remain on the ballot.

Collins is facing multiple counts of securities fraud, as well as charges of wire fraud and lying to investigators. His son and another associate were charged in the scheme as well.

Federal prosecutors allege Collins - who sits on the board of an Australian pharmaceutical company - shared non-public details about he failure of a multiple sclerosis drug in clinical trials. Using that information, Collins' family members were able to sell off shares and avoid more than $760,000 in losses, prosecutors say.

Collins, the first member of congress to endorse President Donald Trump in 2016, pleaded not guilty to the charges.

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