Adam Klasfeld @KlasfeldReports Reporter, @CourthouseNews: NYC+Int’l. RTs=What's it to ya? adam[at]adamklasfeld[dot]com PGP Fingerprint: F427 EE3B 6F05 E5D5 785B 775B 2C74 683C 219D 91DC Oct. 01, 2019 1 min read

Rep. Chris Collins is expected to plead guilty to insider trading in a hearing starting in roughly 30 minutes.

Plan to cover it live for @CourthouseNews, tweeting updates a bit more sporadically than usual today.


Hearing begins:

Judge Broderick announces that Collins plans to plead guilty to two counts, one of conspiring to commit securities fraud and a false statements count.

Collins agrees.

He was facing an 11-count indictment.

Those counts, 1 and 11, each have a maximum of five years imprisonment plus three years of supervised release.

Hearing is over.

Under plea deal, Collins can’t appeal sentence under 57 months. (Govt agreed to 46-57 month range.)

Collins recounted in court the moment Innate’s CEO told him clinical trials over the drug failed.
“I was shocked. I was devastated by the news.”

Collins bolted to his car escorted by Marshals and took no questions.

I repeatedly asked him if he would apologize to his constituents and the press, who he called “fake news” before admitting today the allegations were true.

No response.

By the way, U.S. Marshals blocked reporters from getting into the elevator with Rep. Collins. One reporter, correctly, replied: "This is a public elevator."

We had to take a separate one. Then, Marshal claimed press could not do interviews inside the court, a public building.

This was followed by the congressman bolting from reporters to his black SUV.

Photo of Collins' SUV, as the suddenly press-shy former congressman gets out of Dodge, as the saying goes. h/t @MartaDhanis

(Revised the above tweet to correct a typo.)

Developing story has been up for awhile, but an update with much more information and courtroom color should be live soon. I'll share the article once it's up.

You can follow @KlasfeldReports.


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