The charges stemmed from a failed drug trial, involving an Australian bio-tech firm, in which Collins was a member of the company's board.
While attending an event at the White House in the summer of 2017, Collins took a phone call from a company executive, in which he was told of the drug trial failure.
While the New York Republican was unable to sell his stock holdings, the feds charged that the Congressman passed on the information to his son, and his son's in-laws, allowing them to sell the stock, and avoid major financial losses.
A second filing on Monday showed that Collins's son would be in court later this week for a change of plea as well.
Collins found out about the failed drug trial while attending an event at the White House in the summer of 2017.