Two Collins associates plead guilty in insider trading case

Two associates of former Rep. Chris Collins (R-N.Y.) have pleaded guilty in the same insider trading case that forced Collins to resign from the House earlier this week.

Cameron Collins, son of the disgraced lawmaker, and Stephen Zarsky, father of Cameron Collins’s fiancée, pleaded guilty Thursday to one count of conspiracy to commit securities fraud. The maximum sentence for the crime is five years in prison. 

{mosads}Chris Collins pleaded guilty on Tuesday to one count of conspiracy to commit securities fraud and one count of false statements. The false statements charge carries a maximum sentence of five years in prison. The former representative was originally indicted on 11 charges. Because of his plea deal, Collins won’t be able to appeal any sentence less than 57 months.

The former congressman was arrested last year for trading with nonpublic information on an Australian biotech company.

His upstate New York seat will remain vacant until the 2020 election unless New York Gov. Andrew Cuomo (D) decides to call a special election.