GOP Ex-Rep. Steve Buyer Convicted Of Insider Trading

The Lafayette Courier & Journal reports:

On Friday, the U.S. District Court for the Southern District of New York convicted former Indiana Rep. Stephen Buyer on insider trading charges. These charges were filed by the Securities and Exchange Commission based on allegations that Buyer had used insider information to purchase stock in Navigant Consulting and Sprint Corp. before their acquisitions by Guidehouse and T-Mobile.

A federal jury found Buyer guilty of four counts of securities fraud on an insider trading theory. In March 2018, Buyer learned about T-Mobile’s nonpublic plan to acquire Sprint while golfing with a T-Mobile executive. A day after learning this information, Buyer began purchasing Sprint securities ahead of the merger announcement acquiring a total of $568,000 of Sprint common stock, according to the SEC.

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After leaving Congress in 2011, Buyer worked for R.J. Reynolds, promoting their chewing tobacco line after having voted against anti-smoking measures before the US House. Per Wikipedia, R.J. Reynolds had donated heavily to his campaigns. First elected in 1992, Buyer appeared on JMG several times during his final terms for his opposition to Obamacare and for voting to ban same-sex marriage and adoption by same-sex couples.