Former GOP congressman sentenced to 22 months in prison for insider trading

 September 21, 2023

Former Indiana Republican Rep. Stephen Buyer found himself being sentenced to 22 behind bars this week after being found guilty of insider trading.

According to the Daily Caller, Buyer's prison term was handed down in New York on Tuesday by U.S. District Judge Richard Berman.

Sentence comes following March guilty verdict

The sentence also included a $350,000 and came as the result of Buyer being found guilty this past March on four counts of securities fraud.

"Stephen Buyer was convicted by a jury of twice engaging in insider trading.  He abused positions of trust for illicit personal gain, and today he faced justice for those acts," U.S. Attorney Damian Williams was quoted as saying in a press release.

No insider trader is above the law, and we will continue to bring those who undermine the fairness and integrity of our markets to justice," Williams added.

Buyer used information he obtained while working as a consultant

The Daily Caller explained that Buyer's trading activity took place in 2018, which was seven years after he left the House of Representatives.

He was at the time working for T-Mobile US Inc. as a consultant and learned that the company was holding merger discussions with Sprint.

Buyer proceeded to make a series of illegal trades in Sprint stock which netted the former lawmaker more than $126,000 in profits.

What's more, he also managed to pocket over $223,000 due to having purchased shares in Navigant Consulting Inc. prior to its acquisition by Guidehouse the following year.

For his part, Buyer continues to maintain his innocence despite the conviction and has said he plans to launch an appeal.

Josh Hawley seeks to limit the ability of lawmakers to trade

There has been considerable controversy surrounding stock trade by members of Congress, something which has led Missouri Republican Sen. Josh Hawley to introduce the Preventing Elected Leaders from Owning Securities and Investments Act (PELOSI) Act.

As Fox News reported this past January, the bill would prevent lawmakers and their spouses from trading stocks about which the legislators have access to privileged information.

" A free people [claim] their rights, as derived from the laws of nature."
Thomas Jefferson
© 2015 - 2024 Conservative Institute. All Rights Reserved.