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-Lurid Crime Tales-
Former Rep. Chris Collins sentenced to 2 years in prison for insider trading
2020-01-18
[The Hill] Former Rep. Chris Collins (R-N.Y.) has been sentenced to more than two years in prison on charges of conspiracy to commit securities fraud and lying to the FBI.

A federal judge on Friday rejected pleas for Collins to receive probation and sentenced him to 26 months in prison, according to multiple reports.

Collins, the first sitting member of Congress to endorse President Trump's White House bid and a top former ally of his in the House, was charged in August 2018 with securities fraud related to an Australian pharmaceutical company that counted him as one of its top shareholders.

The New York Republican resigned from office in September and later pleaded guilty to one count of conspiring to commit securities fraud and one count of making false statements.

Collins’s fortunes on Capitol Hill first took a turn after he was overheard by reporters bragging about "how many millionaires I've made in Buffalo."

GOP lawmakers had told The Hill in 2017 that the New York Republican had boasted about how much money he had made for other members of Congress by alerting them to the pharmaceutical company Innate Immunotherapeutics, where he served on the board of directors and was the largest shareholder.
Related:
Chris Collins: 2019-12-04 Spend, spend spend! Republican congressman FINALLY admits he blew $250,000 of campaign cash on tequila shots at a bachelor party, skiing with a mistress, groceries, Legos and first class travel for pet rabbit Eggburt
Chris Collins: 2019-10-01 Bi-Bi-Biden, New York Congressman Chris Collins resigns amid insider trade probe
Chris Collins: 2018-11-09 Do We Still Have A Congress Or Is It Becoming A Parliament?
Posted by:Besoeker

#5  Joe Biden saya *crickets*
Posted by: Skidmark   2020-01-18 10:00  

#4  ^ by act of Congress, probably
Posted by: Lex   2020-01-18 09:29  

#3  I thought insider trading was legal for Congressmen? (Seriously.)
Posted by: Glenmore   2020-01-18 09:22  

#2  the New York Republican had boasted about how much money he had made for other members of Congress

Congressional insider trading is yet another example of corruption that is so brazen, so rampant, that it's become boring and accepted in DC. Hedge funders routinely pay money to Congressional staff members for advance knowledge of legislation that can move markets. Kerry is the most notorious insider trader-- see his shenanigans after Hank Paulson's closed-door meeting at the height of the financial crisis in summer of 2008 -- but I wager that most congresscritters of the Uniparty are in on the game. The money is too easy, the sums too big, for them not to play.

There's virtually no press coverage of this at all. Neither does this SEC even bother to investigate it.

Ours is the most corrupt era since the days of the Robber Barons.
Posted by: Lex   2020-01-18 01:40  

#1  Geoff Berman, U.S. attorney for the Southern District of New York, said following the indictment of Collins and his son that the congressman "acted as if the law didn't apply to him."

If the 'bug man' sees one termite during the annual inspection, his report will read that "you have termites."
Posted by: Besoeker   2020-01-18 01:33  

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