Former Indiana congressman Stephen Buyer charge with insider trading
The Securities and Exchange Commission on Monday filed insider trading charges against Stephen Buyer, a former U.S. Representative for Indiana's 4th congressional district.
After leaving Congress in 2011, Mr. Buyer formed a consulting group which provided services to T-Mobile, among other clients. Mr. Buyer learned of T-Mobile's then-non-public plan to acquire Sprint while attending a golf outing with a T-Mobile executive and began accruing Sprint securities the next day, according to the SEC's complaint.
The SEC said that ahead of the merger's announcement, Mr. Buyer had acquired $568,000 of Sprint common stock between his own personal accounts, a joint account with his cousin and an acquaintance's account. After news of the merger leaked, Mr. Buyer saw an immediate profit of more than $107,000, according to the complaint.
In 2019, Mr. Buyer profited more than $227,000 after he sold nearly all his shares of Navigant Consulting Inc., following the announcement of the company's acquisition by Guidehouse LLP, another of Mr. Buyer's consulting clients, according to the SEC's complaint. Mr. Buyer had spread the purchases across multiple accounts, including family members and acquaintances, according to the complaint.
"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 Grewal, director of the SEC's enforcement division.
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