9 people from Indiana have been charged with insider training, this includes former congressman Steve Buyer, who served in both the 4th and 5th congressional districts in Indiana. Buyer was arrested on Monday for the alleged insider trading.
Federal prosecutors said that the trading rendered millions of dollars in illegal profits. As reported by Fox Business, U.S. Attorney Damian Williams spoke during a press conference about a myriad of crackdowns on insider trading and reiterated his desire to be “relentless in rooting out crime in our financial markets.”
The indictment specifically mentioned Stephen Buyer and said he was able to make $350,000 profits by abusing information he received in his position as congressman. Buyer served as a congressman from 1993 to 2011 and served on several committees with influence in the telecommunication industry, the indictment also said.
The indictment also specified a merger where Buyer committed insider trading, which was the merger between T-Mobile and Sprint. The court documents said that Buyer abused his position as a consultant in this case.
The Securities and Exchange Commission brought a civil suit against Buyer after it was alleged that he bought Sprint shares the day after attending a golf event with a T-Mobile executive.
“We have zero tolerance, zero tolerance for cheating in our markets,” said Gurbir S. Grewal, the director of the SEC Enforcement Division.
“When insiders like Buyer — an attorney, a former prosecutor, and a retired Congressman — monetize their access to material, nonpublic information, as alleged in this case, they not only violate the federal securities laws, but also undermine public trust and confidence in the fairness of our markets,” Grewal said.
Buyer’s lawyer, Andrew Goldstein, has said that his client is innocent of any wrongdoing. “Congressman Buyer is innocent. His stock trades were lawful. He looks forward to being quickly vindicated,” Goldstein said, per The Associated Press.
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