Posted on Mar 11, 2023
Former congressman is convicted of insider trading before T-Mobile merger with Sprint
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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.
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.
Former congressman is convicted of insider trading before T-Mobile merger with Sprint
Posted from nbcnews.com
Stock Market
Posted 1 y ago
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PO1 William "Chip" Nagel
..."Buyer made more than $100,000 from the Sprint trades and more than $200,000 on stock in Navigant Consulting Inc., which he purchased before Guidehouse acquired the company in 2019, according to prosecutors.
Prosecutors urged the jury to focus on the timing of Buyer’s trades, which came as employees at his client companies learned about the mergers.
Ron DeSantis feels the love in Iowa. That might not be enough.
Buyer’s attorneys argued that no hard evidence showed when he learned about the two mergers and said he had relied on public research to pick the stocks.
The former congressman was one of several people, including a former Goldman Sachs banker, arrested on insider trading charges in July as part of a crackdown by Damian Williams, the U.S. attorney for the Southern District of New York."
..."Buyer made more than $100,000 from the Sprint trades and more than $200,000 on stock in Navigant Consulting Inc., which he purchased before Guidehouse acquired the company in 2019, according to prosecutors.
Prosecutors urged the jury to focus on the timing of Buyer’s trades, which came as employees at his client companies learned about the mergers.
Ron DeSantis feels the love in Iowa. That might not be enough.
Buyer’s attorneys argued that no hard evidence showed when he learned about the two mergers and said he had relied on public research to pick the stocks.
The former congressman was one of several people, including a former Goldman Sachs banker, arrested on insider trading charges in July as part of a crackdown by Damian Williams, the U.S. attorney for the Southern District of New York."
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