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U.S. authorities hit former GOP Rep. Stephen Buyer with insider trading charges [1]

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Date: 2022-07-25

Federal authorities filed criminal and civil insider trading charges against former Rep. Stephen Buyer in U.S. court in Manhattan on Monday, alleging that the Indiana Republican used information gleaned from a golf outing with a T-Mobile executive to purchase securities before the company’s planned acquisition of Sprint.

Buyer was arrested on Monday, said U.S. Attorney for the Southern District of New York Damian Williams at a press conference.

Buyer, who had been working as a consultant to T-Mobile at the time, learned about the possible megamerger from a company executive while on a work trip to Miami, according to a civil complaint filed by the Securities and Exchange Commission. Despite being warned about the confidential status of the merger, which was ultimately scuttled, Buyer purchased more than $500,000 of Sprint shares, which were then sold shortly after news of the deal went public, the agency alleged.

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[1] Url: https://www.politico.com/news/2022/07/25/stephen-buyer-insider-trading-sec-00047699

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