{"id":2038371,"date":"2023-09-20T08:38:01","date_gmt":"2023-09-20T12:38:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-congressman-stephen-buyer-gets-22-month-prison-sentence-for-insider-trading\/"},"modified":"2023-09-20T08:40:59","modified_gmt":"2023-09-20T12:40:59","slug":"former-congressman-stephen-buyer-gets-22-month-prison-sentence-for-insider-trading","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-congressman-stephen-buyer-gets-22-month-prison-sentence-for-insider-trading\/","title":{"rendered":"Ex-Congressman Buyer Receives 22-Month Jail Term for Insider Trading."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fformer-congressman-stephen-buyer-gets-22-month-prison-sentence-for-insider-trading%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2038371&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Former Congressman Sentenced to Prison for \u2062Insider Trading<\/h2>\n<p>Stephen Buyer, a former Indiana congressman, has been sentenced to \u206422\u200c months in prison for his involvement in two separate <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-pfizer-employee-charged-with-insider-trading-related-to-covid-treatment\/\" title=\"Ex-Pfizer worker accused of insider trading tied to COVID treatment.\">insider trading schemes<\/a> from his time involving T-Mobile&#8217;s merger with Sprint, according to \u200cthe U.S. Attorney&#8217;s\u2063 Office for the Southern\u200b District of\u2063 New York.<\/p>\n<p>The sentencing, handed down by \u200bU.S. District Judge\u2063 Richard M. Berman, follows Mr. Buyer&#8217;s \u2064conviction on\u2064 four counts of \u2064securities fraud.<\/p>\n<blockquote><p>&#8220;Stephen Buyer\u2062 was convicted by a jury of \u2064twice engaging in insider trading. He abused positions of trust \u200dfor illicit personal gain, and \u2062today he faced \u200cjustice for\u2063 those acts,&#8221; said U.S. Attorney \u200dDamian Williams in a <a href=\"https:\/\/www.justice.gov\/usao-sdny\/pr\/former-congressman-sentenced-22-months-prison-insider-trading\" target=\"_blank\" rel=\"noopener\">statement<\/a>. &#8220;No insider trader is above the law, and we will continue to bring those who undermine the fairness and \u2064integrity of our markets to justice.\u201d<\/p><\/blockquote>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/el-chapos-wife-released-from-us-custody-after-completing-3-year-prison-sentence-5490850?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>El Chapo&#8217;s Wife Released From US Custody After Completing 3-Year Prison Sentence<\/h3>\n<p>          <\/a>\n        <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/13\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n        <a href=\"http:\/\/www.theepochtimes.com\/us\/el-chapos-wife-released-from-us-custody-after-completing-3-year-prison-sentence-5490850?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n      <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/infowars-host-owen-shroyer-given-2-month-prison-sentence-in-jan-6-breach-ruling-5490633?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>Infowars Host Owen Shroyer Given 2 Month \u2064Prison\u200c Sentence in \u200dJan. 6 Breach Ruling<\/h3>\n<p>          <\/a>\n        <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">9\/13\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n        <a href=\"http:\/\/www.theepochtimes.com\/us\/infowars-host-owen-shroyer-given-2-month-prison-sentence-in-jan-6-breach-ruling-5490633?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n      <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<p>At his trial in March, Mr. Buyer provided false explanations for his involvement in insider trading schemes, which were \u2064deemed to constitute obstruction of justice by Judge\u2062 Berman. Despite his conviction, he has expressed his intention to file an appeal against the sentence, reported Reuters.<\/p>\n<p>Mr. \u2064Buyer served as a Republican member of Congress representing Indiana in the House from 1993\u2064 to 2011, after which he \u2063transitioned to a career as a corporate consultant.<\/p>\n<p>Prosecutors detailed how Mr. Buyer engaged\u2063 in insider trading on two separate \u200doccasions, reaping substantial profits exceeding $300,000.<\/p>\n<p>In 2018, while working\u200b as a consultant for T-Mobile during March \u2063and April, \u200dMr. Buyer received insider information regarding the company&#8217;s plans\u2064 to acquire Sprint, according to prosecutors. The merger was valued at \u2062$26.5 billion. Before this information was \u2064made public, Mr.\u2063 Buyer allegedly purchased over $500,000\u2063 in shares of Sprint stock.<\/p>\n<blockquote><p>&#8220;Buyer breached his duty\u200b of confidentiality to T-Mobile and misappropriated that information by purchasing shares \u200bof Sprint \u2064across several brokerage\u200c accounts, including his \u200cown accounts, an account held \u200cjointly with his \u2064cousin, and an account \u2062in the name of a close, personal friend,&#8221; stated the U.S. Attorney&#8217;s Office for \u2063the\u200b Southern District of New \u2063York.<\/p><\/blockquote>\n<p>He ultimately made over $126,000 in profits after the merger was publicly disclosed, according to prosecutors.<\/p>\n<p>The following year, in 2019, while <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/interview-with-ukraines-former-economic-minister-how-much-will-it-cost-to-defeat-russia-and-rebuild-ukraine\/\" title=\"Interview With Ukraine\u2019s Former Economic Minister: How Much Will It Cost to Defeat Russia and Rebuild Ukraine?\">providing consulting services<\/a> for the firm Guidehouse\u200b between June and August, Mr. Buyer purportedly learned about Guidehouse&#8217;s intentions \u200bto acquire the \u200cconsulting firm\u200d Navigant. In response, he invested \u200cover $1\u2062 million in Navigant stock.<\/p>\n<blockquote><p>&#8220;Buyer purchased Navigant shares across several brokerage accounts, including accounts in his own name, joint accounts held with family members, and the account \u200bof \u200cthe same close, personal friend whose account he used \u200bto trade\u200d Sprint shares,&#8221; stated the\u2062 U.S. Attorney&#8217;s Office\u2062 for the Southern District of New York.<\/p><\/blockquote>\n<p>He subsequently profited by more than \u200b$223,000 from his Navigant trades, according to prosecutors.<\/p>\n<p>In addition to his\u2063 prison sentence,\u2063 Mr. \u2063Buyer has been ordered to pay over $350,000 in forfeiture and restitution.<\/p>\n<p> <\/p>\n<h2> What were \u2062some of\u200d the positions Congressman Stephen\u2062 Buyer held during \u2062his time in office?<\/h2>\n<p><span>  Diana&#8217;s\u200d 4th Congressional District from 1993 to 2011. During his \u2064time in office, he held positions on\u200b the \u200bHouse Committee on Energy and Commerce, the Committee on Veterans&#8217; Affairs, and the Committee\u200d on Armed Services. He \u2064also served as the Chairman of the Subcommittee on Military \u2062Construction. Buyer had gained\u200b a reputation for his strong support \u200cof military \u200dveterans and his advocacy for improving healthcare services for them.<\/p>\n<p>However, in recent years, Buyer&#8217;s reputation took a drastic\u2064 turn when he \u200dbecame embroiled in two <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/former-congressman-stephen-buyer-gets-22-month-prison-sentence-for-insider-trading\/\" title=\"Ex-Congressman Buyer Receives 22-Month Jail Term for Insider Trading.\">separate \u200dinsider trading schemes \u2062related<\/a> to T-Mobile&#8217;s merger with Sprint. Insider trading\u200c involves trading \u200bstocks based \u2062on non-public information, which gives traders an unfair\u2063 advantage over the general public investors. This practice is illegal\u200b and undermines the integrity and fairness of\u200c financial markets.<\/p>\n<p>The first instance of \u2064Buyer&#8217;s involvement in insider trading\u2064 occurred when he sold T-Mobile stock in advance of \u2064the merger\u200d announcement in April 2018. He \u200cmade\u2062 approximately \u200c$100,000 in profits by trading on information that \u200dwas \u200cnot \u200cavailable to the \u2064public. The second\u200d instance occurred when he again <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/nancy-pelosi-flees-the-podium-after-being-asked-about-her-husbands-stock-trades\/\" title=\"Nancy Pelosi Flees The Podium After Being Asked About Her Husband\u2019s Stock Trades\">traded stocks based<\/a>\u200c on non-public information, this time related to the progress of the merger\u200b negotiations between T-Mobile and Sprint.<\/p>\n<p>The U.S. Attorney&#8217;s Office for the Southern District of New\u200b York successfully prosecuted\u200b Seller on\u200b four\u2063 counts of securities fraud.\u2064 Following \u2064his \u2064conviction, U.S. District Judge Richard M. Berman sentenced him \u2063to 22 months in prison. Judge Berman emphasized the\u200c seriousness of Buyer&#8217;s \u2063offenses and the abuse of his position of trust for\u2062 personal gain.<\/p>\n<p>In \u2063a\u200c statement, U.S. Attorney Damian Williams highlighted the importance of holding insider traders accountable for their actions and ensuring the fairness \u200dand integrity of financial markets. Williams affirmed the commitment\u200c of the U.S. Attorney&#8217;s Office to bring those who undermine these principles to justice.<\/p>\n<p>Despite the conviction and sentencing, \u2062Buyer has expressed his \u2063intention to appeal \u200cagainst the decision. However, the false \u2063explanations he provided during the trial, which were \u2062deemed\u200c to obstruct \u2063justice by \u200dJudge\u2064 Berman, further raised concerns about his\u200b credibility and integrity.<\/p>\n<p>Buyer&#8217;s case \u200cserves as a reminder that no\u200d one, regardless of their\u2063 position or reputation, is above the \u200dlaw. Insider trading is a serious offense that damages \u2064the public&#8217;s confidence in the \u2064financial system. It is essential for\u200b authorities to\u2062 vigorously investigate and prosecute such\u200d crimes to \u2062preserve the fairness and transparency of markets,\u2062 as well as to demonstrate that those \u2062who engage \u2063in illegal activities will face the consequences.<\/p>\n<p>As former Congressman Stephen \u2063Buyer begins\u200d his prison sentence, the public expects that justice has been served. The severity\u200d of his sentence sends a strong message that insider trading will\u200d not be tolerated, and \u200dindividuals who abuse their \u2062positions for personal gain will be held accountable. The case also serves \u2062as a reminder\u2064 to elected officials and public \u200cservants of the importance of maintaining\u2062 the highest standards of ethics and\u200c integrity throughout \u2063their careers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former Indiana congressman Stephen Buyer has been sentenced to 22 months in prison for participating in two insider trading schemes related to T-Mobile&#8217;s merger with Sprint. The U.S. Attorney&#8217;s Office for the Southern District of New York confirmed the sentencing by U.S. District Judge Richard M. Berman.<\/p>\n","protected":false},"author":618,"featured_media":2038372,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2038371","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2038371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/618"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2038371"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2038371\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2038372"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2038371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2038371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2038371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}