Ex-Congressman CRIMINALLY CHARGED – Life Ruined?
(RepublicanDaily.org) – Former US Rep. Stephen Buyer (R-IN) had a lengthy career in Congress, first winning election to the House of Representatives in 1993 and remaining there for 18 years. Buyer, a qualified attorney, also has experience as a public prosecutor on his resume. While in Congress, he served on a number of committees, notably those with power over the telecommunications industry. Now, the retired lawmaker’s financial trades have landed him in hot water with federal authorities.
On Monday, July 25, the Securities and Exchange Commission (SEC) announced insider trading charges against the former Indiana Congressman. He stands accused of leveraging knowledge he gained through a professional connection with a T-Mobile executive to illegally profit from the purchase of shares in Sprint. The filing also highlights alleged purchases of shares in Navigant Consulting, Inc., which netted the politician in excess of $227,000 in profit.
Altogether, it’s alleged that Buyer spent $1.5 million buying stocks based on unlawfully acquired insider knowledge.
Today we charged former U.S. Congressman Stephen Buyer with insider trading related with his alleged use of nonpublic information to buy $1.5 million in stocks.
Read more: https://t.co/Re0213Zj5y
— U.S. Securities and Exchange Commission (@SECGov) July 25, 2022
Media reports appear to suggest Buyer won’t be the last politician to face charges like this. It’s believed that dozens of members of Congress have failed to report trades in the manner required by the Stop Trading on Congressional Knowledge (STOCK) Act, which was passed in 2012.
Should federal authorities clamp down more on activity of this nature?
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