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Former U.S. congressman Collins sentenced to 26 months for insider trading

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Former U.S. congressman Collins sentenced to 26 months for insider trading

By Jonathan Allen

 

2020-01-17T111451Z_1_LYNXMPEG0G0RI_RTROPTP_3_USA-CONGRESSMAN-INSIDERTRADING.JPG

Chris Collins, former U.S. Representative for New York's 27th congressional district departs after pleading guilty at Federal Court in New York City, New York, U.S., October 1, 2019. REUTERS/Lucas Jackson/Files

 

NEW YORK (Reuters) - 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.

 

Before the sentence was handed down, Collins, 69, said in highly emotional remarks to the judge that he felt his life was over and that he was still ashamed to see his former constituents after pleading guilty to charges of conspiracy and making false statements last October.

 

"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."

 

His wife, Mary, wept behind him, sitting next to their daughter as Collins described the "dark, dark place" he was in after his conviction.

 

"I climbed out of it because of her," he said of his wife.

 

He also begged U.S. District Judge Vernon Broderick to be merciful next week when sentencing his son, Cameron, who was also convicted as part of the insider trading scheme.

 

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.

 

After learning from an email sent by Innate Immunotherapeutics' chief executive that an experimental multiple sclerosis drug had failed a clinical trial, Collins relayed the news to his son, enabling the son to sell shares before the news became public and eroded their value. His son also passed the tip on to others.

 

Collins had faced a maximum of five years in prison. His lawyers argued that he should be confined at home. They said he had made a bad decision because he was overcome with disappointment on learning the drug had failed.

 

"People who have received extremely devastating news sometimes make really stupid decisions," Jonathan Barr, one of Collins' lawyers, told the court.

 

The judge disagreed.

 

"I don't view this as just a spur of the moment loss of judgment," Broderick said.

 

(Reporting by Jonathan Allen; Editing by Daniel Wallis, Leslie Adler and Sonya Hepinstall)

 

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-- © Copyright Reuters 2020-01-18
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Good tho not enough time imo

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5 hours ago, rooster59 said:

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."

Yeah, backing trump was a terrible mistake. 

Edited by Bluespunk
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36 minutes ago, mogandave said:

Martha Stewart only got 5 months. 
 

Yes, and the company director of imclone got seven years three months, so convict Collins got off lightly

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1 hour ago, jany123 said:

Yes, and the company director of imclone got seven years three months, so convict Collins got off lightly


Providing information is worse than acting on it. 

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2 minutes ago, mogandave said:


Providing information is worse than acting on it. 

Collins did both.

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1 minute ago, Sujo said:

Collins did both.


No he didn’t, he only relayed the information to his son. He was not a company officer.

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15 minutes ago, mogandave said:


Providing information is worse than acting on it. 

Martha acted on info provided.... Collins provided info that others acted upon. Collins actions were worse, by your own metric... Collins sentence was higher, as is appropriate for a worse crime. Your choice of analogy was ill informed.

Edited by jany123
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FN greedy piece of dog excrement🤬😡

This sort of behaviour is rife in Australia and around the world. One needs to look at the millionaires factory – the Macquarie bank😳🤷‍♂️
I’m sick of these greedy <deleted> who take it upon themselves to exploit genuine normal every day shareholders – may they rot in hell along with his son and their family & be stripped of any assets and wealth that they have😡🤬

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2 hours ago, jany123 said:

Martha acted on info provided.... Collins provided info that others acted upon. Collins actions were worse, by your own metric... Collins sentence was higher, as is appropriate for a worse crime. Your choice of analogy was ill informed.


I agree it’s worse, particularly given his position, bit all this vitriol (26 years?) for a poor old man whose big gesture  mistake was supporting Trump? 
 

He was not a company officer or broker, he told his son. 
 

So if Martha has told her friends she should have gotten 26 years? 

 

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