Ex-Indiana Congressman charged with insider trading

Rick Steves

“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.”

The Securities and Exchange Commission has charged Stephen Buyer, a former U.S. Representative for Indiana’s 4th Congressional District, with insider trading.

After leaving Congress in 2011, the defendant founded a consulting firm which provided services to T-Mobile, among others.

According to the SEC, he attended a golf outing in March 2018 with a T-Mobile executive, from whom he learned about the company’s then nonpublic plan to acquire Sprint.

Two insider trades profited $107,000 and $227,000

The next day, he began purchasing Sprint securities ahead of the merger announcement, ultimately acquiring 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.

Once news of the merger leaked in April 2018, Buyer saw an immediate profit of more than $107,000, the statement added.

The next year, he bought more than $1 million of Navigant Consulting, Inc. securities ahead of the public announcement that it would be acquired by another one of Buyer’s consulting clients, Guidehouse LLP. He sold nearly all of the shares on the day that the Navigant acquisition was publicly announced and profited more than $227,000.

Gurbir S. Grewal, Director of the SEC Enforcement Division, said: “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.”

The SEC seeks disgorgement of ill-gotten gains plus interest, penalties, a permanent injunction, and an officer and director bar against Buyer. The complaint also seeks disgorgement from Buyer’s wife, Joni Lynn Buyer, who profited when Buyer executed unlawful trades in her brokerage account.

The U.S. Attorney’s Office for the Southern District of New York announced related criminal charges, in a parallel action.

Read this next

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Bybit expands into Europe amid regulatory scrutiny

Dubai-based cryptocurrency exchange Bybit is expanding its operations in Europe after encountering regulatory challenges in Hong Kong.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

<