The son of former Clarence Rep. Chris Collins and the son's prospective father-in-law have each pleaded guilty to one count of conspiracy to commit securities fraud in federal court in Manhattan.
The guilty pleas from Cameron Collins and Stephen Zarsky come two days after Chris Collins pleaded guilty to conspiracy and lying to the FBI.
Cameron Collins admitted to selling shares of stock in Innate Immunotherapeutics, an Australian biotech firm, after being given insider information on the company from his father and avoiding over $570,000 in losses. Cameron Collins then shared the information with Zarsky, who also avoided about a $144,000 loss in the stock.
Under plea deals, prosecutors are recommending both be sentenced to 37-46 months in prison. The former congressman's plea deal calls for him to spend up to 57 months in prison.
