MANHATTAN, N.Y. (WIVB) — Chris Collins’ son and his son’s future father-in-law both Thursday admitted guilt in the insider trading case that also took down the four-term Western New York congressman.
Cameron Collins and Stephen Zarsky both pleaded guilty to one count of conspiracy to commit securities fraud.
When the elder Collins pleaded guilty on Tuesday, hours after formally relinquishing New York’s 27th District seat in the house, he admitted he tipped off his son Cameron about a failed trial of a drug manufactured by an Australian company whose board he sat on.
Cameron Collins was accused of taking that information and offloading stock. Federal prosecutors have claimed it allowed Cameron to save more than $570,000.
Cameron was also accused of passing that tip onto Zarsky.
Cameron Collins’ sentencing date is Jan. 23, and Zarsky’s is Jan. 24. Sentencing guidelines call for each to spend between 37 and 46 months in prison, but the judge can go outside that range when sentencing them.
Chris Collins is also scheduled to be sentenced in January. He faces up to five years in prison for each of the two counts he was convicted on.