The ex-House member from western New York pleaded guilty to illegal insider trading in September.
A judge on Friday sentenced former Rep. Chris Collins , an early and staunch ally of President Donald Trump, to 26 months in prison after he pleaded guilty last September to conspiracy to commit securities fraud.
“It’s hard to look at my wife ― she had her credit card canceled. My daughter had her brokerage account canceled. I apologize to the FBI for lying to them. I’ll be paying the consequence for that here momentarily,” Collins said. Story continuesThe next morning Collins, his son and the father of his son’s fiancée sold their stock in the company before the drug test failure was announced and while a freeze on trading was in place for the company’s shares in Australian stock markets. They each saved hundreds of thousands of dollars by selling early. The company stock plunged 92% after Innate Immuno publicly announced the drug’s failed test.
Collins, 69, was indicted and arrested for wire fraud, conspiracy to commit securities fraud and lying to the FBI on Aug. 8, 2018. After his arrest, Collins initially said he would not run for reelection in 2018. But he reversed course, ran for his seat and won by less than one percentage point. He had won reelection in 2016 with 67% of the vote. His resignation from office became official last Oct. 1.
He attacked The Buffalo News for “making up fake news on folks [the paper] can’t beat at the ballot box.” He called his then-colleague Rep. Louise Slaughter, a Buffalo-area Democrat who has since died, a “despicable human being” for filing an ethics complaint against him. And he attacked investigations into his activities as a “partisan witch hunt.”
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