Cameron Collins Sentenced to Five Years Probation

Sentenced in same court as father Chris Collins

WBEN Newsroom
January 23, 2020 - 5:38 pm
Cameron Collins, son of former Rep. Chris Collins, leaving court after he pleaded guilty to insider trading in October. (Bebeto Matthews/AP)

Cameron Collins, son of former Rep. Chris Collins, leaving court after he pleaded guilty to insider trading in October. (Bebeto Matthews/AP)

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New York (WBEN) - Cameron Collins, son of former Congressman Chris Collins, has been sentenced to five years probation in his insider trading case. Collins will also have some home confinement to serve and community service to perform.

The younger Collins is accused of tipping-off father-in-law Stephen Zarsky before unloading shares of a stock that plummeted.

Cameron Collins had confirmed he received the information from his father and knew it was “wrong and illegal.” "I truly regret my conduct", said Collins in a previous court appearance.

Attorney Paul Cambria not surprised by the sentence. "I didn't think the judge would incarcerate him like his father. I think what you can gleam from the judge's questions is he feels the younger Collins did what his father wanted him to do," says Cambria. "I think that's one of the reasons the judge asked the question who bought the stock was to determine who was really losing the money, Cameron or Chris."

The charges stem from Collins’ business ties with Innate Immunotherapeutics Ltd., a biotechnology company headquartered in Sydney, Australia. He was the company’s largest shareholder, with nearly 17% of its shares, and sat on its board.

Prosecutors had said Chris Collins conspired with family members to claim Cameron Collins and friends sold shares because they were spooked by a temporary halt in the trading of the stock rather than because they knew the stock price would fall 92% for the company headquartered in Sydney, Australia, with offices in Auckland, New Zealand.

Just last week the elder Collins was sentenced to 26 months in prison for the insider trading scheme that led to his arrest and resignation from Congress.

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