Prosecutors recommend almost 5 years in prison for former GOP Rep. Chris Collins
Posted: Mon Jan 13, 2020 2:55 pm
https://www.axios.com/chris-collins-sen ... d703d.htmlFederal prosecutors recommended Monday that former Rep. Chris Collins (R-N.Y.) be sentenced to up to 57 months in prison for pleading guilty to insider trading last year.
Why it matters: Collins was the first congressman to endorse President Trump in 2016 and resigned in September after changing his not-guilty plea. Prosecutors argue that he should not receive leniency because he continued to serve in Congress while hiding his crimes.
Context: In August 2018, Collins was arrested in connection with an alleged insider trading scheme involving Innate Immunotherapeutics, an Australian drug company whose board he sat on for years.
Prosecutors allege that Collins received a tip about a failed clinical trial involving the company's only product.
He then allegedly called his son Cameron, who sold off shares of Innate stock the next day.