Former U.S. congressman Chris Collins has been sentenced to 26 months in prison for insider trading
NEW YORK - Chris Collins, a former U.S. congressman from New York who was an early backer of President Donald Trump, was sentenced to 26 months in prison and fined $200,000 on Friday after pleading guilty to taking part in an insider trading scheme.
“My life has been shattered, my reputation has been shattered, but worse, my family has been shattered,” he said in federal court in Manhattan, at times losing his voice to emotion during remarks he described as “probably the last act I’ll do in public.” Collins was convicted of trading on insider information while a board member and 16.8% stakeholder of Australian biotechnology company Innate Immunotherapeutics Ltd. A day before pleading guilty last year, he resigned his seat in the U.S. House of Representatives representing New York’s 27th District.
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