Collins admitted that he immediately called his son, Cameron Collins, to tell him the news, allowing him to sell his Innate shares and avoid losses when it became public. Chris Collins said he was in “a very emotional state” when he made the call because he was upset the drug had failed.

“When I did these things, I knew they were illegal and improper,” he said. “The actions I took are anything but those a model citizen would take.”

The congressman did not trade his own Innate stock, which lost millions of dollars in value. Prosecutors have said he was “virtually precluded” from trading in part because he already faced a congressional ethics probe over Innate.

However, they said, Cameron Collins went on to tip his fiancée, Lauren Zarsky; her parents, Dorothy and Stephen Zarsky; and a friend. Stephen Zarsky went on to tip off additional unnamed people, the prosecutors said.

In all, prosecutors said, the people who received the tips were able to avoid a total of more than $768,000 in losses when Innate’s share price plunged 92% after news of the drug’s failure became public.

Cameron Collins, 26, and Stephen Zarsky, 67, have been charged in the case and are scheduled to plead guilty on Thursday, court records show.

Lauren and Dorothy Zarsky were not criminally charged, but agreed to surrender the money they made selling Innate stock to the Securities and Exchange Commission under a civil settlement without admitting wrongdoing.