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January 18, 2020

Former US Rep Chris Collins sentenced to 26 months for insider trading

As reported in this Politico piece, on Friday "former Rep. Chris Collins was sentenced to 26 months in prison for an insider trading scheme that led to his arrest and resignation from Congress." Here is more about a notable federal sentencing:

The Western New York Republican pleaded guilty in October, accused of passing illicit stock tips to his son from the White House lawn during a Congressional picnic.

Judge Vernon Broderick handed down the sentence Friday in Manhattan federal court along with a $200,000 fine, after the disgraced Congressman broke down in sobs as he pleaded for mercy for himself and his son. “I violated my core values and there is no excuse,” Collins said, breathing heavily. “What I have done has marked me for life.”

Collins, the first member of Congress to back Donald Trump for president, was charged in August 2018 with securities fraud, wire fraud and making false statements to FBI agents — part of an alleged scheme to share confidential information about an Australian biotech company whose board he sat on.

When he learned of the results of a failed trial for a multiple sclerosis drug, he called his son Cameron Collins to alert him — allowing the son and his fiancee’s father to unload Innate Immunotherapeutics stock before it tanked and avoid hundreds of thousands of dollars in losses.

He initially denied any wrongdoing and was reelected despite being under federal indictment, but ultimately pleaded guilty to one count of conspiracy to commit securities fraud and one count of lying to the FBI. He resigned his seat ahead of the plea....

Broderick said prison time was necessary to instill respect for the law. He said he did not buy Collins’ argument that his crime was one of emotion and faulted him for leaving his constituents with no representation in Congress. “I don’t view this as a spur of the moment loss of judgment,” Broderick said.

Collins faced a maximum of ten years in prison, but agreed in a plea deal to accept a sentence of up to 57 months. Prosecutors asked the judge to hit him with a sentence of 46 to 57 months, arguing that a hefty sentence was necessary to send the message that abuse of power would not be tolerated....

The former congressman asked to be spared jail time and be sentenced to probation, saying he had shown remorse and already paid a price for his crimes through the loss of his political career. “Chris is a fundamentally good and decent human being,” said his attorney, Jonathan Barr.

His son Cameron and Stephen Zarsky, the father in law of Cameron’s fiancee, have also pleaded guilty for their role in the insider trading scheme. Collins asked the judge to show mercy for his son, even if he himself was not spared.

January 18, 2020 at 11:42 PM | Permalink

Comments

First Congressperson to endorse Trump---The second one, Duncan Hunter to follow soon. Have to enlarge the Trump wing of the prison.

Posted by: anon1 | Jan 19, 2020 7:58:03 PM

• Michael Cohen, Trump’s former personal lawyer, was sentenced in December 2018 to three years of prison for lying to Congress, campaign finance violations and tax evasion, and separately received an additional two months of prison time for lying to Congress about a Moscow Trump Tower deal.

• George Papadopoulos, a former Trump foreign policy advisor, was sentenced in September 2018 to 14 days in prison (with a year of supervised release) after pleading guilty to lying to FBI agents about his contacts with Russian intermediaries during the 2016 campaign; he filed in October to run for Katie Hill’s vacant California Congressional seat.

• Paul Manafort, Trump’s former campaign manager, was found guilty by a Virginia court of tax and bank fraud in August 2018, and in November 2018 voided his plea deal (by lying to investigators) in separate federal charges brought by Mueller; he’s currently serving a combined seven and a half years in prison from both cases.

• Rick Gates, a former deputy to Manafort during the Trump campaign, pleaded guilty in February 2018 to charges of conspiracy against the United States and making false statements; despite a plea bargain, he faces between four to six years in prison, but his sentencing date has yet to happen⁠—partially because he testified against Stone.

• Michael Flynn, Trump’s former national security advisor, pleaded guilty in December 2017 to lying to the FBI but nearly two years later has yet to be sentenced;

--
Roger Stone--sentencing forthcoming

Have we missed anyone?


Posted by: anon2 | Jan 20, 2020 8:50:19 PM

Don the Con's a real tar baby. Everyone that touches him, or even gets near him, get's slimed and stuck and covered with muck. With luck, Don the Con himself will be join the others in the Trump-Con Wing of Clubfed.

Posted by: Emily | Jan 20, 2020 8:55:34 PM

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