other defendants for "illegal insider trading". Arrest According to the federal government, on June 22, 2017, the CEO of Innate Immunotherapeutics sent an email to the company's board of directors, including Collins. The e-mail explained that an important drug trial for the company had failed. Collins allegedly received this news while attending a picnic at the White House and, upon seeing the email, immediately phoned his son and instructed him to sell shares in the company. According to the allegations, the sale allowed Collins and his family to avoid around $570,000 in losses. The shares eventually dropped around 90% once news about the drug trial became public. On August 8, 2018, Collins, his son Cameron, and the father of Cameron's fiancée, Stephen Zarsky, were arrested by the FBI and charged with wire fraud, conspiracy to commit securities fraud, securities fraud, and lying to the FBI. Later that day, Speaker of the US House of Representatives Paul Ryan announced that he had removed Collins from his position on the House Energy and Commerce Committee. He also referred the matter to the House Ethics Committee. Resignation from Congress and guilty plea On September 30, 2019, it was reported that Collins would change his plea to guilty and resign his seat in the House on October 1, 2019. His resignation, which was previously presented to the US House Speaker Nancy Pelosi and New York Governor Andrew Cuomo, became official on October 1 after it was presented on the floor of the US House of Representatives. The same day, Collins traveled to a Manhattan federal courthouse and pleaded guilty to insider trading and lying to the FBI. Had Collins attempted to stay in Congress after pleading guilty, his role would have likely been very limited. Longstanding House rules state that a member convicted of a felony should not take part in floor votes or committee work until the House Ethics Committee reviews the matter. Although there is no constitutional rule barring a convicted felon from voting, McCarthy and the Republican leadership would have strongly discouraged Collins from doing so, and the House Ethics Committee has indicated in the past that convicted felons can be disciplined if they do take part in committee or floor votes. On December 9, 2019, Collins and the SEC agreed that Collins will "be permanently barred from acting as an officer or director of any public company". In January 2020,