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In 2017, Rep. Louise Slaughter (D-N.Y.), called for an investigation, citing Collins' cozy relationship with the biotech drug company after its value dropped.

"Yeah, on his stock tip", the same unnamed lawmaker replied, according to the Hill.

The lawyers said Collins will say more on the indictment later on Wednesday.

Since his inauguration, Collins has continued to defend Trump. Chris Collins was arrested and indicted on charges related to securities fraud Wednesday.

They added: "It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock".

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In a statement, the congressman's legal counsel addressed the accusations, expressing confidence he will be vindicated and exonerated in court. Collins is accused of telling his son and his son's father-in-law about the disappointing results ahead of the public announcement, leading them to unload stocks before the drop.

He was one of the first members of Congress to officially endorse Donald Trump for president.

Collins was the biggest investor in the company, which is developing treatments for multiple sclerosis, and he reportedly was pitching it as a good investment to friends and House colleagues.

Collins, a Republican from the Buffalo area who is up for re-election this fall, was charged with conspiracy, wire fraud and other offenses in an indictment announced on Wednesday.

Republican congressman Chris Collins, one of the first U.S. lawmakers to declare support for Donald Trump's presidential candidacy, was indicted by federal prosecutors Wednesday on charges of securities fraud connected to an alleged insider trading scheme. According to the indictment, "All of the trades preceded the public release of the negative drug trial results and were timed to avoid losses that they would have suffered once the news became public". "Until this matter is settled, Rep. Collins will no longer be serving on the House Energy and Commerce Committee". He bought 4 million shares.