U.S. lawmaker charged with insider trading halts re-election bid

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U.S. lawmaker charged with insider trading halts re-election bid

WASHINGTON (Reuters) – U.S. Representative Chris Collins, a Republican ally of President Donald Trump who has been charged with taking part in an insider trading scheme, said on Saturday he was suspending his campaign for re-election to Congress.

FILE PHOTO: Representative Chris Collins (R-NY) is seen on a screen as he delivers his nomination speech for Republican U.S. Presidential candidate Donald Trump at the Republican National Convention in Cleveland, Ohio, U.S. July 19, 2016. REUTERS/Mark Kauzlarich/File Photo

In a statement posted on Twitter, Collins said he thought the decision was in the best interest of his constituents in New York, as well as the Republican party and “President Trump’s agenda.”

Collins was charged earlier this week with taking part in an insider trading scheme involving an Australian biotechnology company, Innate Immunotherapeutics LTD , on whose board he served. He has denied the charges.

Reporting by Susan Cornwell

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