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Rep. Christopher Collins (R-N.Y.) was indicted Wednesday by federal prosecutors and charged with wrongdoing connected to an alleged insider trading scheme linked to his investments in an Australian biotech firm.

The third-term congressman, who represents a district in western New York, was the first member of Congress to back President Donald Trump's candidacy during the 2016 election. He was charged, along with his son, with securities fraud.

Collins had been under scrutiny from the Office of Congressional Ethics for his connection to the biotech company, Innate Immunotherapeutics. He is alleged to have passed inside information to his son, who then passed it to another alleged conspirator. The three avoided about $768,000 in losses as a result of the information, prosecutors allege.


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