NEW: Federal prosecutors have asked a judge to sentence former Rep. Christopher Collins to nearly 5 years in prison, the maximum sentence he could receive.
Prosecutors say he invented statements and lied to federal agents when questioned about the stock sales and insider information he received while being on the board of Innate Pharmaceuticals.
They wrote in the sentencing memo,"Collins is wrong to assert that"[s]ociety . . . will gain no benefit" from incarcerating an extraordinarily sophisticated and powerful businessman and politician who twice made the choice, notwithstanding the absence of any material want, to commit a serious crime."
They say,"in committing insider trading and later lying to federal agents to cover it up, and in continuing to actively serve in the House of Representatives during that time period, Collins came to embody the cynical idea that those in power who make the laws are not required to follow them."He'll be sentenced on Jan. 17.Tom Winter is a New York-based correspondent covering crime, courts, terrorism and financial fraud on the East Coast for the NBC News Investigative Unit.
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