FILE PHOTO: Chris Collins, former U.S. Representative for New York's 27th congressional district departs after pleading guilty at Federal Court in New York City, New York, U.S., October 1, 2019.
REUTERS/Lucas JacksonWASHINGTON (Reuters) - Former U.S. Representative Chris Collins of New York, his son and an associate settled insider trading charges with the Securities and Exchange Commission, the agency said in a statement on Monday.
The settlement bars Collins, an early backer of President Donald Trump, from serving as an officer or director of a public company.
It requires his son, Cameron Collins, and associate Stephen Zarsky to repay the losses they avoided as a result of their insider trading, $634,299 and $159,880, respectively.
The case arose from Collins role as a board member and stakeholder of Australian biotechnology company Innate Immunotherapeutics Ltd. Collins tipped his son to non-public negative trial results for a multiple sclerosis drug developed by Innate Immunotherapeutics, the SEC said.