BUFFALO, N.Y. — Stephen Zarsky, the future father-in-law of Chris Collins' son, Cameron, was sentenced to four years probation, and four months home confinement for an insider trading scheme.
Unlike the Collins' Zarsky was not ordered to pay a fine.
Cameron Collins encouraged Zarsky to invest in Innate Immunotherapeutics. Zarsky, who then acted on the information, sold all of his shares to save his money.
Zarsky is the third person indicted in this insider trading scheme. He pleaded guilty in October.
2 On Your Side's Dave McKinley is in New York City for the sentencing.
Zarsky's sentencing came one day after Cameron Collins received five years of probation, including six months home confinement, 500 hours of community service, and a $150,000 fine.
Early Cameron Collins' sentencing proceeding, the government, which had been pushing for him to serve three to four years in prison, changed its stance, suggesting the younger Collins be sentenced to no more than the two-year term handed to his father last week, calling him the most culpable of all.
The defense also threw Chris Collins under the bus Thursday, saying Cameron didn't invite his dad to illegally pass the news of the failed drug trial, which would cause the stock price of Innate Immunotherapeutics, the Austrailian company of which Collins was a board member, to tank.
The defense added that it was his father, who up until then controlled Cameron's investment in that firm, who not only advised him to sell, but coached him how to do it in order to save more than $500,000 in losses.
