The son of former U.S. Rep. Chris Collins has pleaded guilty in an insider trading case that ruined his father’s political career.
Cameron Collins admitted in his plea on Thursday in federal court in Manhattan that he had traded stocks based an illegal tip from the Republican congressman.
The 26-year-old son faces up to 46 months in prison at sentencing on Jan. 23.
Chris Collins resigned from Congress earlier this week and pleaded guilty in the scheme . Prosecutors had accused him of calling his son from a White House picnic he was attending in 2017 to leak damaging information about a pharmaceutical company.
The tip enabled the son to dump hundreds of thousands of dollars in stock before the information was made public and sent the stock price crashing.