Former GOP Congressman Arrested On Insider Trading Charges

by | Jul 25, 2022 | Politics

NEW YORK (AP) — Former U.S. Rep. Stephen Buyer was arrested Monday in Indiana on charges related to an insider trading case brought by the Securities and Exchange Commission in Manhattan federal court, according to a spokesperson for U.S. Attorney Damian Williams.Buyer, a Republican who represented Indiana from 1993 through 2011 and served on committees with oversight over the telecommunications industry, was identified Monday in court documents as someone who misappropriated secrets he learned as a consultant to make about $350,000 illegally.AdvertisementIn a civil case brought by the SEC against Buyer, he was described as making purchases of Sprint securities in March 2018 just a day after attending a golf outing with a T-Mobile executive who told him about the company’s then nonpublic plan to acquire Sprint.Buyer was among nine people charged in four separate and unrelated insider trading schemes revealed on Monday with the unsealing of indictments in New York City.Williams told a news conference that the cases, in addition to several other recently announced crackdowns on insider trading, represent a follow through on his pledge to be “relentless in rooting out crime in our financial markets.”“We have zero tolerance, zero tolerance for cheating in our markets,” said Gurbir S. Grewal, director of the SEC Enforcement Division.AdvertisementTHIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.NEW YORK (AP) — A former U.S. congressman from Indiana, technology company executives and an investment banker were among nine people charged in four separate and unrelated insider trading schemes revealed on Monday with the unsealing of indictments in New York City.It …

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