WASHINGTON (Sputnik) – Federal prosecutors have recommended that former US Congressman Chris Collins should receive a sentence of up to four years in prison for his insider trading scheme and for lying to investigators, court documents showed on Monday.
On October 1, Collins pleaded guilty to one count of conspiracy to commit securities fraud and to one count of making materially false statements.
Collins was indicted on charges of securities fraud, wire fraud and making false statements related to possible insider trading.
In July 2017, the Office of Congressional Ethics (OCE) said in a report that there was substantial reason to believe Collins violated US federal law by sharing material nonpublic information related to his purchase of stock in Innate Immunotherapeutics, an Australian biotechnology company.
Collins served as the US representative for New York’s 27th congressional district from 2013 to 2019.
Sourse: sputniknews.com
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