Updated at 8:08 p.m. ET
Rep. Chris Collins, R-N.Y., was arrested Wednesday on charges related to insider trading.
A federal grand jury accused the Buffalo-area lawmaker of passing nonpublic information about a biotech company to his son, who traded on the information and passed it along to others.
"Congressman Collins cheated our markets and our justice system," said Geoff Berman, the interim U.S. Attorney for the Southern District of New York. "He placed his family and friends above the public good."