Updated: January 17, 2020 06:32 AM
Created: January 17, 2020 06:17 AM
ROCHESTER, N.Y. (WHEC) — Former Congressman Chris Collins will be sentenced in Manhattan on Friday for insider trading.
A federal judge in Manhattan will sentence the 69-year-old Republican for an insider trading scandal in 2017. Collins' attorney says Collins is remorseful for what he has done and should not get any jail time.
Prosecutors, however, are recommending the max of 46 to 57 months in federal prison.
Prosecutors say at the time of the crime, Collins and his son, Cameron, were worth a total of $35 million. Prosecutors say Collins' crime is "exacerbated by its total gratuitousness," considering he is a millionaire and didn't need the money.
They also fault him for campaigning for re-election in New York's 27th Congressional District after his arrest and then continuing to serve, all the while touting he would be cleared.
"The charges levied against me are meritless," Collins said in August 2018 when he was running for re-election. "And I will mount a vigorous defense in court to clear my name. I look forward to being fully vindicated and exonerated."
Collins sat on the board of an Australian biotech company and learned a drug failed its clinical trial. He then warned his son.
Cameron Collins and his father-in-law-to-be dumped their shares in the company before the news became public.
Chris Collins' attorney argues that his client has been humiliated and cites his advanced age and the low chance he would commit any more crimes.
Collins' sentencing is scheduled for 2:30 p.m. Friday in Manhattan. News10NBC's Chief Investigative reporter will be in New York City. Follow him on Twitter for updates throughout the day.
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