Ex-Congressman Hit With Insider Trading Charges

Everyone reading this knows where I am about to go with this…

Stephen Buyer, the former Congressman from Indiana, has been charged with insider trading by the dreaded Securities and Exchange Commission.

The agency claims that Buyer used insider information to successfully trade stocks on at least 2 separate occasions and hopes to extract the gains he made on those transactions.

It’s interesting to me that the folks at the S.E.C. can go after (and I hope he can forgive me for this), but an absolute nobody. An ex-Congressman that no one has seen or heard from in years.

Why can’t, or why won’t they investigate Nancy Pelosi?

Here’s more on the story:

A former vice president for a unidentified multinational investment bank and Stephen Buyer, a Republican former House member from Indiana, were among nine people charged with insider trading in four separate schemes https://t.co/kdPYzdKiIJ

— Bloomberg Politics (@bpolitics) July 25, 2022

BREAKING

Former U.S. Congressman Stephen Buyer has been charged with insider trading over purchases of shares in telecommunications company Sprint before it merged with T-Mobile US, $TMUS.

— unusual_whales (@unusual_whales) July 25, 2022

The Hill provided these details:

Buyer, who served in Congress from 1993 to 2011, founded his own consulting group called the Steve Buyer Group shortly after leaving public office.

The former congressman is accused of acquiring $568,000 in Sprint shares after he learned through nonpublic channels in March 2018 that T-Mobile was planning to merge with the then-rival telecommunications company.

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T-Mobile was a client of Steve Buyer Group.

 

Securities & Exchange Commission today filed insider trading charges against Stephen Buyer,former US Representative for Indiana's 4th House District 1993-2011…Purchased more than $1M of Navigant Consulting,Inc. securities ahead of the public announcement.https://t.co/uEE9IiciuX

— Craig Caplan (@CraigCaplan) July 25, 2022

CNBC

SEC charges former GOP Rep. Stephen Buyer with insider trading
Christina Wilkie – 54m ago
—
"BUYER" ? IS THIS A FUCKING JOKE ?
—
NOW, CHARGE NANCY PELOSI !
THAT WILL NOT
BE A JOKE. pic.twitter.com/MxWKIp8xBR

— Laughing Nimbus (@10ofWands) July 25, 2022

According to The Associated Press:

In a civil case brought by the Securities and Exchange Commission in Manhattan federal court against Buyer, he was described as making purchases of Sprint securities in March 2018 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.