A former U.S. Congressman from Indiana has been charged with insider trading in a scheme that netted him hundreds of thousands of dollars, a federal investigation has found.
Stephen Buyer, a former U.S. Congressman, engaged in two separate, but interrelated insider trading schemes to steal material non-public information that he obtained through consulting work and place timely, profitable securities trade based on that stolen information.
According to the allegations contained in the Indictments filed in Federal Court, Buyer purchased shares of Sprint Corporation ahead of the April 29, 2018 public announcement that T-Mobile US, Inc. and Sprint would merge, in a deal valued at $26.5 billion.
Buyer breached his duty of confidentiality to T-Mobile and misappropriated that information by purchasing shares of Sprint across several brokerage accounts, including his own accounts, an account held jointly with his cousin, and an account in the name of a close personal friend.
The defendant, 62-year-old Stephen Buyer, faces charges of securities fraud and other related charges, including in some cases, obstruction of justice.
The Southern District of New York U.S. Attorney’s Office announced the charges in a press release, stating that the defendant made between hundreds of thousands and millions of dollars from illegal securities trading based on material, non-public information that was stolen from numerous sources.
Buyer is scheduled to appear in court on [insert date] to face the charges.
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Key Facts
- State: New York
- Category: White Collor Crime
- Source: DOJ Press Release â†â€â€
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