Former Rep. Chris Collins Pleads Guilty in Insider Trading Case

Then-U.S. Rep. Chris Collins (R-N.Y.) speaks to reporters as he leaves the courthouse after a pretrial hearing in his insider-trading case, in New York, on Sept. 12, 2019. AP Photo/Seth Wenig, File

Former Rep. Chris Collins (R-N.Y.) has pleaded guilty in an insider trading case a day after resigning from his congressional seat.

Collins pleaded guilty to conspiracy to commit securities fraud and making false statements in a federal court in Manhattan on Tuesday, Oct. 1, according to the New York Post. Each count carries a penalty of five years in prison and a $250,000 fine.