Former U.S. Congressman from Indiana Sentenced to Prison for Insider Trading
In a stunning turn of events, former U.S. Rep. Steve Buyer has been sentenced to 22 months in prison for engaging in illegal stock trades based on inside information. Buyer, a House Republican from 1993 to 2011, was found guilty of these offenses while working as a consultant and lobbyist after leaving office.
As part of his sentence, Buyer has been ordered to forfeit $354,027, which represents the amount of illegal gains he made, and pay a fine of $10,000.
Buyer, a lawyer and Persian Gulf War veteran, held significant roles such as chairing the House Veterans’ Affairs committee and working as a House prosecutor during ex-President Bill Clinton’s 1998 impeachment trial.
The charges against Buyer relate to insider trading activities surrounding the $26.5 billion merger of T-Mobile and Sprint, announced in April 2018. Buyer also participated in illegal trades involving the management consulting company Navigant, which was set to be acquired by his client Guidehouse.
During the sentencing, Buyer’s defense lawyers requested home confinement and community service, while prosecutors argued for a three-year prison sentence.
Judge Richard M. Berman, however, made it clear that Buyer’s conviction was indisputable, stating that the evidence against him “screams guilty.” The judge further emphasized that Buyer had lied during his trial about when he became aware of the mergers that led to his financial gains.
Addressing concerns of unfair prosecution, Judge Berman noted that he had previously rejected claims that Buyer would not receive a fair trial in Manhattan due to the city’s Democratic majority. Jurors for the case were also drawn from six suburban counties surrounding New York City.
Buyer has been instructed to report to prison on November 28th.
Before his sentencing, Buyer, hailing from Noblesville, Indiana, expressed his belief in the honor system that prevails in his hometown. He shared an anecdote about someone buying corn off an unmanned trailer, leaving their money in a container alongside $300, without worrying about theft.
“It’s an honor system. It’s how we live. It’s how I’ve lived my life,” Buyer told the judge.
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