Posted on 07/26/2022 6:17:52 AM PDT by MarvinStinson
A former U.S. congressman from Indiana, technology company executives, a man training to be an FBI agent, and an investment banker were among nine people charged in insider trading, with unsealing of indictments in New York City,.
It was one of the most significant attacks by law enforcement on insider trading in a decade. A prosecutor and other federal officials pledged fresh enthusiasm for similar prosecutions in the future. .
Stephen Buyer was accused of insider trading during the , April 2018 merger of T-Mobile and Sprint. An indictment identified him as misappropriating secrets learned as a consultant to make $350,000 illegally.
Buyer, 63, of Noblesville, Indiana, was arrested Monday. He served on committees with oversight over the telecommunications industry while a Republican congressman from 1993 through 2011.
He was described as making purchases of Sprint securities just a day after attending a golf outing with a T-Mobile executive who told him about the company’s then-nonpublic plan to acquire Sprint, according to a civil case brought against Buyer by the Securities and Exchange Commission in a federal court in Manhattan.
Authorities said he also engaged in illegal trading in 2019 ahead of Navigant Consulting Inc.'s acquisition by consulting and advisory firm Guidehouse. Documents said he leveraged his work as a consultant and lobbyist to make illegal profits.
His lawyer said, “Congressman Buyer is innocent. His stock trades were lawful. He looks forward to being quickly vindicated.”
U.S. Attorney Damian Williams told a news conference the cases represent a follow-through on his pledge to be “relentless in rooting out crime in our financial markets.”
“We have zero tolerance, zero tolerance for cheating in our markets,” said Gurbir S. Grewal, director of the SEC Enforcement Division.
Authorities said seven of the nine defendants were arrested Monday while two were arrested previously.
(Excerpt) Read more at apnews.com ...
There, fixed it.
My first thought too.
Boy, they must have been looking REALLY hard.
Yeah. Now let’s get after the current ones who are as dirty a hell.
Maybe it should be a valid defense that worse violations are clearly taking place right in front of everyone. It could prevent some abuse of the judicial system. Maybe these people are guilty, but they should not be able to just overlook Nancy.
He left congress in 2011 btw. He also led the then impeachment of Clinton. I hope those dems in Congress now so not realize what is coming after 2024 FOR THEM.
I know. When I saw the headline and saw that it came from D-AP, I knew the guy must've been a Republican. D-AP would've ignored a similar story about a Democrat.
So the top two (pelousi and difi) continue to walk free. The fbi and justice dept. is useless
I was just thinking.............
I figured this had to be a Republican. No Democrat would ever be charged.
Zero tolerance? That’s not going to leave many elected democrats in office.
Silly, zero tolerance is only for Republicans.
His problem was that he is a former Congressman. Had he remained a Congressman, even an R, he would not have had a problem with insider trading as it is allowed for those elites.
INSIDERS
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