By CQ-Roll Call

Rep. Chris Collins, R-N.Y., who was arrested and indicted on charges related to securities fraud this week, has suspended his campaign for re-election.

“Democrats are laser focused on taking back the House, electing Nancy Pelosi Speaker and then launching impeachment proceedings against President Trump,” Collins said in a statement Saturday. “They would like nothing more than to elect an ‘Impeach Trump” Democrat in this district, which is something that neither our country or my party can afford.

Collins said it would be in the best interests of his constituents in his western New York state district, the Republican Party and Trump’s agenda to suspend his campaign.

The indictment is tied to securities of an Australian biotechnology company, Innate Immunotherapeutics. Collins has served on the company’s board.

Collins’ latest sale of Innate Immunotherapeutics holdings was June 20, 2018 and valued between $15,000 and $50,000, according to House periodic transaction reports. He bought at least 4 million shares between 2016 and 2018, according to the reports.

Collins is a member of the House Energy and Commerce Committee’s health subcommittee.

Last August, the House Ethics Committee took up an inquiry into Collins and allegations that he had shared nonpublic information about the company in violation of House rules, standards of conduct and federal law.

Collins gained personal benefit and provided nonpublic information to his son Cameron Collins, who sold nearly $1.4 million worth Innate Immunotherapeutics shares, according to a complaint filed by the Securities and Exchange Commission.

Collins said in his statement Saturday that he will fill out the remaining months of his term “to assure that our community maintains its vote in Congress to support President Trump’s agenda to create jobs, eliminate regulations, reduce the size of government, address immigration and lower taxes.”

“I will also continue to fight the meritless charges brought against me and I look forward to having my good name cleared of any wrongdoing,” he said.