He posted the following statement on Saturday morning:

Just three days ago, Rep. Collins was charged with insider trading related to his alleged usage of his position with an Australian biotech firm, Innate Immunotherapeutics, to help his family make stock trades to avoid over $750,000 in losses. In a statement posted to Twitter, Collins said that Democrats “would like nothing more than to elect an ‘Impeach Trump’ Democrat” in the 27th District,” and that “it is in the best interests of the constituents of NY-27, the Republican Party, and President Trump’s agenda for me to suspend my campaign for re-election to Congress.”

Federal prosecutors have charged Collins with passing private information about an Australian biotechnology company, Innate Immunotherapeutics, to his son, Cameron Collins. Federal prosecutors on Wednesday charged Collins, his son and another man with 13 counts of securities fraud, wire fraud and false statements stemming from an alleged insider trading scheme centered on an Australian pharmaceutical company. Collins has maintained that he is not guilty of the charges, saying in his statement on Saturday that he would “continue to fight the meritless charges brought against me and I look toward to having my good name cleared of any wrongdoing.”

Although Collins is now suspending his campaign, it’s too late for him to withdraw from the ballot, according to the New York Board of Elections.
U.S. Representative Chris Collins (R–NY) announces that he is suspending his campaign for re-election in the 2018 midterms, intending to serve out the remainder of his term. Collins was arrested by the FBI on August 8 on charges relating to insider trading.