MANHATTAN, N.Y. (WKBW) — The son of former Congressman Chris Collins has been sentenced to five years of probation, including six months of home confinement, for conspiring to commit securities fraud, according to multiple reports.
Collins, like his father last week, appeared before Judge Vernon Broderick in federal court in Manhattan Thursday afternoon.
Prosecutors say Cameron Collins illegal sold large amounts of stock in Innate Immunotherapeutics, Ltd. a day before it was announced that a clinical trial for a multiple sclerosis drug had failed.
Chris Collins, who was on the board of the Australian company, tipped off his son from the lawn of the White House, allowing Cameron Collins and his future father-in-law to make illegal stock trades to avoid more than $700,000 in losses. The former Congressman was sentenced to 26 months in prison after pleading guilty to insider trading charges.