WATCH LIVE: Rep. Chris Collins responds to his arrest for an insider trading scandal

Rep. Chris Collins (R-NY) was arrested Wednesday on 13 counts of  securities fraud.

In addition, Collins son, Cameron Collins, and his soon to be father in-law were arrested for wire fraud and false statements in connection with an Australian pharmaceutical company.

Attorney Geoffrey Berman said at a news conference Wednesday: "Congressman Collins cheated our market and our justice system in two ways. First, he tipped his son to confidential corporate information at the expense of regular investors. And then he lied about it to law enforcement to cover it up."

A live press conference begins at 6:30 p.m. EST. You can watch it live below: