Former congressman is convicted of insider trading before T-Mobile merger with Sprint

Former U.S. Congressman Stephen Buyer was convicted by a New York jury on Friday of trading on inside information he learned in 2018 as a consultant to T-Mobile US Inc. ahead of its $23 billion merger with Sprint.

Buyer was a Republican from Indiana in the U.S. House of Representatives between 1993 and 2011 before working as a corporate consultant.

Prosecutors said at a trial that began on March 1 that Buyer bought Sprint stock after learning from a T-Mobile executive that the telecommunications companies were in merger talks in 2018 and engaged in another insider trading scheme in 2019.