Former New York Congressman Gets Two Years In Prison For Insider Trading

Former New York Congressman Chris Collins (center) arrives at his sentencing for insider trading.

Former New York Congressman Chris Collins has been sentenced to more than two years in prison for insider trading.

When Manhattan Federal Judge Vernon Broderick asked Collins if he had anything to say for himself, the 69-year-old former Republican Representative from Buffalo broke down sobbing. Collins apologized to the court, to his constituents, and to his family for what he described as a lapse in judgement. But Broderick said it was more than that: Collins sat on the board of a pharmaceutical company and the judge said he betrayed his duty to it and to the people of Buffalo when he leaked the results of a failed drug trial to his son.

Broderick fined Collins $200,000 and sentenced him to 26 months in prison. Collins is due to report to start his sentence on March 17th.

 

With additional reporting by Gothamist's Muhammad Rahman.