Ex-GOP Congressman Steve Buyer Sentenced to 22 Months in Prison for Insider Trading

Former Indiana Congressman Stephen Buyer has been sentenced to 22 months in prison by U.S. District Judge Richard M. Berman for engaging in two insider trading schemes. Buyer was convicted of four counts of securities fraud for using material non-public information obtained through consulting work to make profitable securities trades. In one scheme, he purchased shares of Sprint Corporation ahead of its merger announcement with T-Mobile, making over $126,000 in profits. In another scheme, he traded shares of Navigant Consulting ahead of its acquisition by Guidehouse, making over $223,000. Buyer provided false explanations for his trading during his trial, which the judge deemed as obstruction of justice. In addition to the prison sentence, Buyer was ordered to pay over $350,000 in forfeiture and restitution.