Rep. Stephen Buyer: Federal prosecutors have charged nine persons, including a former Indiana congressman, with insider trading that resulted in unlawful profits of millions of dollars.
➣ Former Goldman banker accused of passing inside tips to squash partner
➣ Individuals were charged in four different and unconnected insider trading
➣ Buyer worked on committees overseeing the telecoms industry
U.S. Attorney Damian Williams stated at a press conference that the cases.
Along with numerous other recently publicized insider trading crackdowns, are a continuation of his vow to be relentless in rooting out corruption in our financial systems.
“We have zero tolerance for market manipulation,” said Gurbir S. Grewal, director of the SEC Enforcement Division.
The individuals were charged in four different and unconnected insider trading schemes unveiled on Monday with the unsealing of charges in New York City.
They were located on both coasts and in the middle of America.
An indictment named Stephen Buyer as someone who illegally made $350,000 by misappropriating knowledge he gained as a consultant.
Buyer worked on committees overseeing the telecoms industry as a Republican congressman from 1993 through 2011, according to the indictment.
According to court documents, Buyer, who was detained on Monday in Indiana, engaged in insider trading, among other transactions, during the T-Mobile and Sprint merger.
According to documents, he used his positions as a consultant and lobbyist to generate unlawful gains.
Rep Stephen Buyer
Andrew Goldstein, Buyer’s attorney, has defended his client’s innocence.
Stated in a statement that his client’s stock trading was “lawful” and that “he looks forward to being promptly exonerated.”
A day after playing golf with a T-Mobile official and learning about the company’s then-secret plan to acquire Sprint.
Buyer was alleged to have bought Sprint equities in March 2018 in a civil complaint brought by the Securities and Exchange Commission against him in federal court in Manhattan.
Pretty wild insider trading allegations out of the SEC today against a former Republican congressman. I’ll try to summarize below. https://t.co/36gulp8El7— maxwell (@maxwellstrachan) July 25, 2022
“Insiders like Buyer,” said Grewal, “a lawyer, a former prosecutor, and a retired congressman, monetize their access to material, nonpublic information.
He continued “as is alleged in this case, and they not only violate the federal securities laws but also undermine public confidence in the fairness of our markets.”
In a second instance, three executives at technology businesses in Silicon Valley were accused of trading on inside knowledge of corporate mergers that one of them had obtained from his job.
In a third instance, a man reportedly stole confidential information from his then-girlfriend who worked at a prestigious Washington, D.C., law firm while he was in training to become an FBI agent.
He and a friend allegedly generated more than $1.4 million in unauthorized profits after learning that Merck & Co. would buy Pandion Therapeutics.
In a fourth indictment, a New York-based investment banker was accused of disclosing information about potential mergers with the understanding that they would split $280,000 in unlawful gains.
News Source Was From; www.foxbusiness.com/
The Heartz Team.