If the allegations about NY GOP representative are true, it will be a sad day for the Republican party as the charges of insider trading are sure to taint the recent successes the Republican party has secured in recent months.

Last year, reporters overhead Collins saying that he’s made “many millionaires” in Buffalo.

The exact details of such a claim were not immediately known at the time.

But it would appear that may have been referencing his relationship with an Australian pharmaceutical that he was a principal shareholder with.

Collins was arrested on Wednesday for alleged federal securities fraud.

Turning himself into the FBI, the representative didn’t just secure an indictment. His son Cameron Collins, as well as the father of his son’s fiance, Stephen Zarsky, have also been indicted.

Collins relationship with Sydney-based pharmaceutical company Innate Immunotherapeutics (who is working on creating drugs to combat advanced multiple sclerosis) was quite significant as Innate counted Collins as one of their largest shareholders.

Prosecutors say that Collons leaked information about recent trial results so his son could make trades and also help alert others about recent trial results.

The Hill reports:

Geoff Berman, U.S. attorney for the southern district of New York, said Collins “cheated our markets and our justice system” by tipping his son on the insider information.

Collins “acted as if the law didn’t apply to him,” Berman said at a New York press conference. “The charges today demonstrate, once again, that no matter what the crime and no matter who committed it, we stand committed in the pursuit of justice without fear or favor.”

Innate had expected positive results from clinical tests of its multiple sclerosis drug, but the treatment was not found to be successful in clinical trials that ended in June 2017.

According to the indictment, the company received the test results on June 22 and halted trading of its stock in Australian markets pending the announcement of the negative findings, but not in the U.S.

The company’s CEO shared the results with board members and top executives that evening, according to the indictment, explaining, “I have bad news to report.” Investigators said Collins received the email while attending the White House Congressional Picnic and was stunned by the news.

Reactions to Collins arrest across the U.S. were obviously negative.

Because Collins is a huge supporter of Trump and looked at as an ally, there were suspicions that this might rub off poorly on the President.

A Facebook commenter said ”This is the guy that said that no one should be able to look at the financial records of Trump or any other high profile politician. Now he’s arrested for insider trading!!! Yep, I think we’re getting how the GOP operates.”

It should be noted that while Collins may have helped his son avoid losses of around $570,000, he himself did not sell his shares.

Subsequently, he took a $17 million loss.

Collins attorneys said these charges are completely false.

“We will answer the charges filed against Congressman Collins in Court and will mount a vigorous defense to clear his good name. It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stock,” said Jonathan Barr and Jonathan New of Baker Hostetler law firm.

“We are confident he will be completely vindicated and exonerated.”