Former GOP Rep Gets 22 Months For Insider Trading

Bloomberg News reports:

A former Republican congressman from Indiana was ordered to spend 22 months in prison for trading on inside information about mergers he learned about while working as a consultant after leaving office.

Stephen Buyer, who served in Congress from 1993 to 2011, was sentenced Tuesday by US District Judge Richard Berman in New York.

Buyer was found guilty in March of making nearly $350,000 insider trading ahead of T-Mobile US Inc.’s 2018 announcement of plans to acquire Sprint Corp. and Guidehouse Inc.’s 2019 acquisition of Navigant Consulting Inc. Berman ordered Buyer to report to prison on Nov. 28.

Read the full article. 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.

Stephen Buyer, a former Republican congressman from Indiana, was ordered to spend 22 months in prison for trading on inside information about mergers he learned about while working as a consultant after leaving office https://t.co/NdrE0sGQCe

— Bloomberg (@business) September 19, 2023