Updated: October 03, 2019 07:27 PM
Created: October 03, 2019 07:39 AM
ROCHESTER, N.Y. (WHEC) — Two more people pleaded guilty Thursday in an insider trading case that forced a local politician to resign.
Cameron Collins and his fiancée’s father, Stephen Zarksy, each pleaded guilty to one count of conspiracy to commit securities fraud. NBC affiliate WGRZ reported that both men face between 37 and 46 months in prison.
Chris Collins, 69, pleaded guilty Tuesday to one count of securities fraud conspiracy and one count of making a false statement to the FBI. He faces a maximum sentence of about four years in prison at sentencing Jan. 17.
The case against the former congressman stemmed from his business dealings with Innate Immunotherapeutics Ltd., a biotechnology company. He was the company’s largest shareholder and sat on its board.
Collins admitted to tipping off his son that the company's stock was going to tank in 2017.
As a result, Cameron Collins and Zarsky began selling their shares the next day, allowing them to avoid a combined $800,000 in losses when the announcement caused the stock price to plunge 92%.
Copyright 2019 - WHEC-TV, LLC A Hubbard Broadcasting Company