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Collins settles civil lawsuit with SEC, son agrees to repay money

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Posted at 10:12 AM, Dec 10, 2019
and last updated 2019-12-10 10:12:39-05

BUFFALO, N.Y. (WKBW) — Former Congressman Chris Collins, his son Cameron and Stephen Zarsky have settled a civil lawsuit with the United States Securities and Exchange Commission.

The lawsuit was filed in August, 2018. Authorities argued the insider trading, the trio has since pleaded guilty to, violated federal securities laws.

Collins' son will have to pay more than $634,000. Zarsky will have to pay nearly $160,000.

If the agreement is approved, the former congressman will not be allowed to serve as an officer or director of a public company. He signed a document on October 17, 2019, explaining he understands the settlement and his role in the case.

Chris Collins is due to be sentenced on criminal charges next month.