A federal judge sentenced former Cong. Chris Collins (R-New York) to more than two years in prison for his involvement in an insider trading and making false statement to federal law enforcement agents.
Collins pleaded U.S. District Judge Vernon Broderick for probation, home detention and community service. He apologized to his family and constituents for his mistake and expressed regret for the impact of his wrongdoing to his son.
The former lawmaker tipped off his son about confidential information that Innate Immunotherapeutics’ clinical trial results for a new treatment for multiple sclerosis was negative. His son and others avoided more than $700,000 in losses by using the insider information. They sold their shares in the biotech company before it made the clinical trial results public.
“I stand here today a disgraced. I cannot face my constituents. What I have done has marked me for life,” said Collins. He also stated, “I have destroyed the reputation of my son.”
Federal prosecutors sought a five-year prison sentence for the New York Republican. During a hearing, they argued that Collins broke public trust and losing money and his status is not sufficient as a punishment for his wrongdoing. They also rejected the arguments of his lawyers that he committed the crime out of emotion. He did it out of financial interests because he lied to the FBI.
