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

Reuters January 18, 2020 05:11:46 IST
Former U.S. congressman Collins sentenced to 26 months for insider trading

Former US 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.

Updated Date:

TAGS:

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.

also read

NYSE to delist three Chinese telecoms in dizzying about-face
Business

NYSE to delist three Chinese telecoms in dizzying about-face

By John McCrank and Anirban Sen (Reuters) -The New York Stock Exchange said on Wednesday it will delist three Chinese telecom companies, confirming its latest reversal on the matter a day after U.S. Treasury Secretary Steve Mnuchin told the NYSE chief he disagreed with an earlier decision to reverse the delistings

Oil and gas dealmaking peaks in Q4 as pandemic spurs consolidation - Enverus
Business

Oil and gas dealmaking peaks in Q4 as pandemic spurs consolidation - Enverus

(Reuters) - Deal making among oil and gas producers was at its highest for the year in the fourth quarter of 2020 as the pandemic-driven fallout in commodity prices spurred a wave of consolidation between explorers looking to scale up and drive down costs, a report from analytics firm Enverus said. Oil and gas producers made deals worth $27.1 billion in the quarter, up from $21 billion in the third, helped by three multi-billion dollar acquisitions in the prolific Permian basin of West Texas and New Mexico. ConocoPhillips acquired Concho Resources for $13.3 billion, the biggest pure shale acquisition by any company since 2011, topping the list.

Markets shift to price in chance of Democratic Senate wins
Business

Markets shift to price in chance of Democratic Senate wins

By Ritvik Carvalho, Wayne Cole and David Randall NEW YORK/LONDON/SYDNEY (Reuters) - The growing chances of Democratic wins in two pivotal U.S. Senate contests triggered financial market moves Wednesday that mirror hopes of more COVID-19-related stimulus and increased regulatory scrutiny of tech companies