Posted on 07/25/2022 11:21:25 AM PDT by Red Badger
Former Indiana Republican Rep. Stephen Buyer has been charged with insider trading, the Securities and Exchange Commission announced Monday.
Buyer, who left Congress in 2011, is accused of buying more than $1.5 million worth of stock in Sprint and Navigant Consulting based on on non-public information he received as a consultant after he left office.
Buyer allegedly used seven different accounts to hide the stock purchases. They included accounts he shared with his wife, his son, his cousin, and one that belonged to an unidentified woman who was romantically linked to Buyer.
WASHINGTON -- Former Indiana Republican Rep. Stephen Buyer has been charged with insider trading, using accounts owned by his wife and longtime mistress to hide some of the transactions, the Securities and Exchange Commission announced Monday.
Buyer, who left Congress in 2011, is accused of trading on nonpublic information he received as a consultant after he left office.
According to the civil complaint filed in Manhattan federal court, Buyer bought more than $1.5 million in stock in two separate companies, Sprint and Navigant Consulting, based on insider information over the span of two years.
He sold the shares of Sprint in 2018 after its merger with T-Mobile leaked, for a profit of at least $107,000 according to the SEC. He sold the Navigant shares in 2019 after news became public that Navigant would be acquired by Guidehouse.
An attorney for Buyer, Andrew Goldstein, told CNBC, “Congressman Buyer is innocent. His stock trades were lawful. He looks forward to being quickly vindicated.” Goldstein is a partner at the law firm Cooley LLP.
The SEC complaint details how Buyer used several different accounts, including his wife Joni Buyer’s brokerage account, to purchase the shares. Joni Buyer is not accused of any legal wrongdoing, but she is named in the charges because she technically benefited from the ill-gotten gains in her investment account.
Buyer allegedly spread the stock purchases across seven different accounts, including two separate IRAs belonging to him alone; an investment account belonging to his wife Joni Buyer; a joint account owned by the couple; a joint account Buyer shared with his son; a joint account Buyer shared with his cousin, and a seventh account owned by a woman identified only as “Friend-1.”
According to the SEC complaint, Buyer began a romantic relationship with the unidentified woman in 2006. In 2018, Buyer used the woman’s IRA account to purchase more than $12,000 worth of stock in Sprint. A year later, he allegedly used her account again to buy $22,000 of stock in Navigant, shortly before both companies were acquired by Buyer’s consulting clients.
“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,” said Gurbir S. Grewal, director of the SEC’s enforcement division, in the SEC press release.
Buyer served in Congress from 1993-2011, where he represented Indiana’s 4th Congressional District, which was previously numbered as its 5th.
I’m more of a Stealth Capital Strike kind. Slow Roll, Baby.
Didn’t pelosi’s hubby just by $1M worth of stock....
(D)oesn’t count.......................
I’m sure if the extent of insider trading and investing in China by members of Congre$$ was know it would be a shocker.
I’m old enough to remember “equal justice under the law for all.”
dem=license to steal
Senator Richard Burr (Rep) of NC was investigated for insider trading. He stepped down from his role as chairman of the Senate Intelligence Committee in May 2020 due to the investigation into 30 stock trades he and his wife made using confidential information he received in non-public Senate briefings pertaining to Covid 19.
The DOJ ended its investigation of Burr on January 19, 2021 (the day before Biden was sworn in as POTUS) with no charges. Three weeks later, on February 13, 2021, Burr was one of seven Republicans who voted to convict Donald Trump, in the Senate trial, after the Trump was impeached a second time by the House of Representatives for the January 6 events. Burr voted to convict Trump, which would have prevented Trump from running for public office in the future, even though Trump won the popular vote twice for president in 2016 and 2020 and the state’s Electoral votes.
Was the timing coincidental?
Pelosi?
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