A former Indiana congressman was convicted Friday in Manhattan Federal Court for participating in an insider trading scheme.
Former Republican Rep. Stephen Buyer faces sentencing in July on four counts of securities fraud.
The buyer “took advantage of his privileged position as corporate counsel to double-use his clients’ material non-public information to commit insider trading,” Manhattan US Attorney Damian Williams said in a statement.
The plan supposedly took place in 2018 when Buyer was working as a consultant for T-Mobile US Inc.., before its merger with Sprint: a deal was valued at $23 billion.
Jurors found that Buyer, 64, obtained information from a T-Mobile executive that the company was headed for a merger and bought stock that eventually generated hundreds of thousands of dollars in illicit proceeds.
Authorities accused Buyer of winning more than $320,000 for himself, members of his family and a woman with whom he had an affair.
The buyer denied any wrongdoing from the witness stand. His lawyers claimed there was insufficient evidence to show when he learned of the merger and that his client relied strictly on public information in making her investment decision.
The former congressman, a Persian Gulf War veteran who served in the House from 1993 to 2011, is one of several investors who were arrested in July as part of a crackdown on insider trading.
with cable news services