The US Securities and Exchange Commission charged former Republican Rep. Steve Buyer with insider trading Jul 25, 2022 (SEC). The founder of consulting firm Steve Buyer Group was the target of one of the most aggressive insider trading investigations. According to the SEC, T-Mobile was a beneficiary of the organization, and during a March 2018 golf session with one of T-executives, a Mobile customer received information that helped them engage in insider trading prior to the T-Mobile merger and Sprint.
The US Securities and Exchange Commission announced in a news release:
“The buyer began acquiring Sprint stock the next day, and prior to the merger announcement, purchased Sprint common stock totaling $568,000 in his own accounts, a joint account with his cousin, and a friend’s account. In April 2018, when the transaction was announced, Buyer realized an immediate profit of more than $107,000.”
On Monday, nine people were indicted in New York for insider trading schemes, including a former congressman from Indiana. According to the SEC, Steve Buyer additionally invested in Navigant Consulting, Inc. before its merger with Guidehouse LLP, another of its consulting clients. In total, these investments amounted to one million dollars.
“According to the lawsuit, on the day the Navigant acquisition was publicly announced in August 2019, Buyer sold nearly all of the shares it had purchased through its multiple accounts and netted more than $227,000.”
Steve Buyer is the latest target of the SEC’s ongoing efforts to prevent insider trading
The former representative of Indiana’s fourth congressional district, who was a Republican from 1993 to 2011, has been charged with insider trading. The SEC said he misused “confidential information” to make enormous profits. SEC Enforcement Division Director Gurbir S. Grewal said in a press release:
“When insiders like Buyer – an attorney, former prosecutor and retired congressman – monetize their access to significant, non-public information, as alleged in this case, they not only violate federal securities laws, but also erode the public’s faith and trust in integrity our markets.”
On Monday, a federal district court in Manhattan charged Buyer with violating Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The SEC has pledged to “preserve and strengthen the public’s trust” by holding public officials accountable for the unauthorized use of personal information obtained through their position.
Categories: Entertaintment
Source: HIS Education