The U.S. Securities and Exchange Commission filed charges against Stephen Buyer a former U.S. Representative for Indiana’s 4th Congressional District for insider trading. According to Open Secrets, Then Congressman Buyer left Congress because of allegations of ethics transgressions.
According to the SEC’s complaint, after Buyer left congress in 2011, he formed a consulting firm the Steve Buyer group that provided services to T-Mobile. In March 2018, he attended a golf outing with a T-Mobile executive where he learned about the company’s intention of purchasing Sprint. The next day Buyer began purchasing Sprint securities, totaling $568,000 of Sprint common stock. He saw an immediate profit of more than $107,000 when news of the merger leaked in April 2018. CLICK HERE TO SEE INDICTMENT.
In 2019 Buyer purchased over a $1 million Navigant Consulting Inc. securities ahead of one his consulting clients merger with the company, eventually profiting $227,000 as a result of the purchase further alleges 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, We are committed to doing all we can to maintain and enhance public trust by leveling the playing field and holding Buyer accountable for illegally profiting from his access.”
Gurbir S. Grewal, Director of the SEC Enforcement Division.
Source: SEC.GOV
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