(File 1988) House Judiciary Committee member Stephen Buyer (R/IN) carries his research papers away at the conclusion of impeachment proceedings on December 12.
Reuters
WASHINGTON – Former Indiana Republican House of Representatives Buyer has been charged with insider trading, Securities and Exchange Commission announced on Monday.
The buyer, who left Congress in 2011, allegedly traded on non-public information he received as a consultant after leaving office.
According to a civil complaint filed in Manhattan federal court, Buyer purchased more than $1.5 million in stock in two separate companies, Sprint and Navigant Consulting, based on inside information over a two-year period. five.
He sold shares of Sprint in 2018 after the merger with T-Mobile leaked, for a profit of at least $107,000 according to the SEC. He sold shares of Navigant in 2019 after it became public that Navigant would be acquired by Guidehouse LLP.
The buyer used a number of different accounts, including his wife Joni Buyer’s brokerage account, to buy shares. Joni Buyer is not accused of any legal wrongdoing, but she is named in the charges because she technically benefited from illicit gains in his investment account. me.
The buyer allegedly spread the stock purchase through seven different accounts, including two separate IRA accounts that belonged only to him, an investment account that belonged to his wife Joni Buyer; a joint account owned by the couple; a joint account Buyer shared with his son; a joint account Buyer shared with her cousin and a 7th account owned by a woman identified only as “You-1”.
According to the SEC complaint, Buyer began a romantic relationship with an unidentified woman in 2006. In 2018, Buyer used the woman’s IRA account to purchase shares worth of stock. over $12,000 from Sprint. A year later, he allegedly used her account again to buy $22,000 of stock in Navigant, shortly before both companies were acquired by Buyer’s consulting clients.
“When insiders like Buyer – a lawyer, a former prosecutor and a retired MP – monetize their access to critical, non-public information, as alleged in In this case, they not only violated federal securities laws but also undermined public confidence in Gurbir S. Grewal, the SEC’s Director of Enforcement, said: in the SEC press release.
An attorney for Buyer could not be immediately identified for comment.
Buyer served in Congress from 1993-2011, where he represented Indiana’s 4th congressional district, formerly numbered 5th district.
This is a developing story, please check back for updates.
