Cameron Collins sentenced to five years probation
Cameron Collins, the son of former Western New York congressman Chris Collins, was sentenced Thursday to five years probation in federal court in Manhattan, including six months home confinement.Collins, 27, must also perform 500 hours of community service and pay a $150,000 fine for conspiring to commit securities fraud.
U.S. District Court Judge Vernon S. Broderick ruled that Collins deserved a more lenient sentence than his father, who was sentenced to 26 months in prison last week by Judge Broderick for insider trading in the same courtroom.
Cameron Collins was charged with illegally selling large amounts of stock in Innate Immunotherapeutics, Ltd. after being tipped off by his father a day before it was announced that a clinical trial for a multiple sclerosis drug had failed.
Cameron Collins and his future father-in-law Stephen Zarsky were able to avoid more than $700,000 in losses.