Former GOP Rep. Stephen Buyer has been charged with insider trading by American authorities.

Former GOP Rep. Stephen Buyer has been charged with insider trading by American authorities.

On Monday, federal prosecutors filed criminal and civil insider trading charges against former representative Stephen Buyer in a federal court in Manhattan. They claim that the Indiana Republican bought securities before T-planned Mobile’s acquisition of Sprint using knowledge gained from a golf outing with a company executive.

According to U.S. Attorney for the Southern District of New York Damian Williams, Buyer was detained on Monday.

According to a civil complaint submitted by the Securities and Exchange Commission, Buyer, who was serving as a consultant to T-Mobile at the time, learned about the potential megamerger from a corporate executive while on a business trip to Miami. Despite being informed of the merger’s confidential nature, which was ultimately abandoned, Buyer bought more than $500,000 worth of Sprint shares, which were later sold, according to the regulatory body.

The complaint claims that the former nine-term congressman also used his position as a consultant to Guidehouse LLP to buy Navigant shares prior to his client’s acquisition of that company in 2019.

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