On July 25, 2022, the US Securities and Exchange Commission charged former Republican legislator Steve Buyer with insider trading (SEC). One of the most intense insider trading investigations by law enforcement was focused on the founder of the consulting firm Steve Buyer Group.
The SEC claims that T-Mobile was a client of the business and that during a round of golf in March 2018 with a T-executive, Mobile’s Buyer learned information that enabled him to engage in insider trading before T-Mobile and Sprint merged.
In a news release, the US Securities and Exchange Commission stated:
“Buyer began purchasing Sprint securities the next day, and prior to the announcement of the merger, he purchased Sprint common stock in an amount totaling $568,000 in his personal accounts, a joint account with his cousin, and an account belonging to a friend. When the deal became public in April 2018, the buyer made a profit of more than $107,000 right away.
Nine people, including a former Indiana congressman, were accused of insider trading schemes on Monday in New York City. Before its merger with Guidehouse LLP, another of Steve Buyer’s consulting clients, the SEC claims that he made additional investments in Navigant Consulting, Inc. These investments equaled $1,000,000 in total.
“According to the lawsuit, Buyer sold nearly all of the shares he had purchased across his many accounts on the day the Navigant purchase was officially reported in August 2019 and earned more than $227,000 in profit,”
The SEC’s most recent insider trading prevention attempt has focused on Steve Buyer.
The former Republican representative of Indiana’s fourth congressional district, who held office from 1993 to 2011, was accused of multiple counts of insider trading. According to the SEC, he used “confidential information” improperly to make substantial profits. Gurbir S. Grewal, the director of the SEC Enforcement Division, stated in the press release:
“Insiders like Buyer, a lawyer, a former prosecutor, and a retired congressman, not only violate federal securities laws but also undermine public faith and confidence in the integrity of our markets when they monetize their access to significant, nonpublic information, as claimed in this instance.”
The buyer was charged with breaking both Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 on Monday by the federal district court in Manhattan. By holding public officeholders accountable for their improper use of private information gained through their position, the SEC has committed to “maintain and increase public confidence.”
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