The US Securities and Exchange Commission announced Monday that former Indiana Republican Rep. Stephen Buyer has been charged with insider trading.
According to the SEC, Buyer bought more than $1.5 million worth of stock in Sprint and Navigant Consulting stocks based on on non-public information he received as a consultant after he left office in 2011.
“In March 2018, Buyer attended a golf outing with a T-Mobile executive, from whom he learned about the company’s then nonpublic plan to acquire Sprint. Buyer began purchasing Sprint securities the next day, and, ahead of the merger announcement, he acquired a total of $568,000 of Sprint common stock in his own personal accounts, a joint account with his cousin, and an acquaintance’s account. After news of the merger leaked in April 2018, Buyer saw an immediate profit of more than $107,000,” said the SEC.
Buyer reportedly used seven different accounts named under his immediate family and even his alleged lover to hide the stock purchases.
“When insiders like Buyer – an attorney, a former prosecutor, and a retired Congressman – monetize their access to material, nonpublic information, as alleged in this case, they not only violate the federal securities laws, but also undermine public trust and confidence in the fairness of our markets,” said Gurbir S. Grewal, Director of the SEC Enforcement Division.
Buyer has not yet commented on the charges.
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