"Chris Collins, the first member of Congress to back Donald Trump for president, has been arrested."


What: A live audience cheered on Wednesday after ​MSNBC's Hallie Jackson announced that New York Republican Representative Chris Collins had been arrested.


Jackson spoke to Daniel Goldman, former US attorney for the southern district of New York, who explained that Collins was a member of the board of directors at an Australian biotech company, Innate Immunotherapeutics.


Goldman believes there is significant evidence against Collins, who would likely go to jail if convicted.

Why: ​Collins, who was the first Congressman to support then-candidate Donald Trump for presidency, was arrested by the FBI on Wednesday for alleged insider trading, ABC News ​reported.


The charges against Collins and his co-defendants are multiple counts of securities fraud, one count of wire fraud, one count of conspiracy to commit fraud, and one count of making false statements. 

Collins is alleged to have received insider information indicating that a significant drug trial at the company had failed. He informed his son and others about the information, and subsequently sold the stocks before the trial was made public.