NEW YORK (WIVB) — Cameron Collins, the son of Chris Collins, was sentenced Thursday to no jail time in the same case that took down his father, the former congressman from Western New York.
Cameron Collins previously pleaded guilty and admitted to his role in an insider trading scheme involving an Australian biotech company, as did Stephen Zarsky, who is scheduled for sentencing on Friday.
Cameron is the second person to be sentenced. His father last week received a sentence of 26 months in prison by the same judge.
Chris Collins said he made a “stupid, tragic, rash, inexcusable decision” in telling his son Cameron about negative results of some of Innate Immunotherapeutic’s clinical trials before they were released to the public. After the results went public in June 2017, the stock dropped 90 percent in one day. Chris Collins had a seat on the company’s board.
Prosecutors said tipping off Cameron Collins who then informed his fiance’s father Zarsky allowed them to save hundreds of thousands of dollars. In Cameron’s case, federal prosecutors alleged he was able to save more than $570,000.
Cameron Collins’ attorneys had asked for probation, while prosecutors sought a sentence of between three to four years behind bars.
In the end, the judge agreed with Collins’ attorneys, and sentenced Cameron to five years on probation.
Both Cameron Collins and Zarsky pleaded guilty in Oct. 2019 to one count of conspiracy to commit securities fraud.