Thursday, October 29, 2020

Former Congressman Chris Collins and Son, Settles Insider-Trading Case

-

The Securities and Exchange Commission has reached a settlement with former U.S. Rep. Christopher Collins, in connection with an insider-trading case involving his son and an Australian biotechnology company.

Mr. Collins has agreed to be permanently barred from acting as an officer or director of any public company, the SEC said Monday. His son, Cameron Collins, and Stephen Zarsky have agreed to pay back the losses they had avoided in an insider-trading scheme, totaling more than $700,000.

Prosecutors and the SEC had accused Mr. Collins of passing a confidential tip to his son so he could sell shares in the biotechnology company Innate Immunotherapeutics Ltd. before the public disclosure of a failed drug trial.

A lawyer for Mr. Collins couldn’t be immediately reached for comment.

- Advertisement -

Mr. Collins, his son and Mr. Zarsky were charged with insider trading and pleaded guilty in October to criminal charges. Ahead of his guilty plea, Mr. Collins, who represented New York’s 27th Congressional District, resigned from his position in September.

Mr. Collins is scheduled to be sentenced in Manhattan federal court next month.

“Insider trading undermines investor confidence in the fairness and integrity of the securities markets,” said Stephanie Avakian, co-director of the SEC’s Enforcement Division. “Today’s settlements, along with the previous criminal pleas, should deter others who may be tempted to engage in this pernicious conduct.”

“Mr. Zarsky has resolved the matter with the SEC in order to begin resolving matters with the government,” said Mauro Wolfe, lead counsel for Mr. Zarsky and lawyer at Duane Morris LLP.

- Advertisement -

A lawyer for Cameron Collins couldn’t be reached.

Source: wsj.com

MUST READ

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Beam Suntory Inc. fined $19.6 million in foreign bribery case

Beam Suntory Inc. (Beam), a Chicago-based company that produces and sells distilled beverages, has agreed to pay a criminal monetary penalty of $19,572,885 to...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

South Korea’s former Vice Justice Minister sentenced to jail for bribery and sexual favors

Former Vice Justice Minister Kim Hak-eui, the figure at the center of one of Korea’s biggest political sex scandals, was placed under pretrial detention...

Former Jacksonville City Council members set for sentencing in fraud case

Former Jacksonville City Council members Katrina Brown and Reggie Brown are scheduled to be in federal court Tuesday to begin a hearing on their...

Texas AG Ken Paxton fires second whistleblower who accused him of bribery

A second whistleblower has been fired from the Texas attorney general’s office after reporting his boss, Texas Attorney General Ken Paxton, to law enforcement for...

Former Harris County deputy constable pleads guilty to transporting drug money and heroin

A former Harris County deputy constable and her husband pleaded guilty Wednesday to charges of conspiracy to possess with intent to distribute heroin, according...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks