Former Rep. Stephen Buyer Charged With Insider Trading

Former Rep.

Stephen Buyer , Charged With Insider Trading.

CNBC reports that on July 25, the former Indiana representative was accused of using nonpublic information to make trades after leaving Congress in 2011.

CNBC reports that on July 25, the former Indiana representative was accused of using nonpublic information to make trades after leaving Congress in 2011.

According to the SEC, Buyer sold Sprint shares after news of its T-Mobile merger leaked.

According to the SEC, Buyer sold Sprint shares after news of its T-Mobile merger leaked.

He also allegedly sold Navigant shares following news of its acquisition by Guidehouse.

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Buyer made a substantial profit with both trades.

He allegedly used accounts owned by his wife and mistress to conceal some of the transactions.

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He is also accused of spreading stock purchases across individual IRAs and joint accounts with his wife, son and cousin.

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Gurbir S.

Grewal, director of the SEC’s enforcement division, issued a statement.

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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, .., Gurbir S.

Grewal, director of the SEC’s enforcement division, via press release.

... they not only violate the federal securities laws, but also undermine public trust and confidence in the fairness of our markets, Gurbir S.

Grewal, director of the SEC’s enforcement division, via press release.

Buyer's attorney, Andrew Goldstein, told CNBC that “Congressman Buyer is innocent.

His stock trades were lawful.

He looks forward to being quickly vindicated.”