Former U.S. congressman Collins sentenced to 26 months for insider trading

 Former U.S. congressman Collins sentenced to 26 months for insider trading

By Jonathan Allen

NEW YORK (Reuters) - Chris Collins, a former U.S. congressman from New York who was an early backer of President Donald Trump, was sentenced to 26 months in prison and fined $200,000 on Friday after pleading guilty to taking part in an insider trading scheme.

Collins, 69, pleaded guilty to charges of conspiracy and making false statements in October in federal court in Manhattan, a day after resigning his seat in the U.S. House of Representatives.

Collins was convicted of trading on insider information while a board member and a 16.8% stakeholder of Australian biotechnology company Innate Immunotherapeutics Ltd.

(Reporting by Jonathan Allen; Editing by Daniel Wallis)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

Updated Date: Jan 18, 2020 05:11:46 IST