A previous member of the United States Congress has been given a prison sentence of 22 months due to engaging in insider trading.
A former congressman from Indiana has been given a 22-month prison sentence on Tuesday for engaging in unlawful stock trading using confidential information. He committed these acts while working as a consultant and lobbyist following his departure from office.
Former U.S. Rep. Steve Buyer, 64, a House Republican from 1993 to 2011, was also ordered to forfeit $354,027, representing the amount of illegal gains, and to pay a $10,000 fine.
Buyer, a lawyer and veteran of the Persian Gulf War, previously served as the chairman of the House Veterans’ Affairs committee and acted as a House prosecutor during the 1998 impeachment trial of former President Bill Clinton.
The purchaser was found guilty of participating in insider trading related to the merger of T-Mobile and Sprint, which was valued at $26.5 billion and announced in April 2018. Additionally, illegal trades were made involving the management consulting firm Navigant when the purchaser’s client Guidehouse was preparing to acquire it. This information was publicly revealed several weeks later.
The defense attorneys asked for the punishment of being confined at home and performing community service, while the prosecutors recommended a prison sentence of three years.
Judge Richard M. Berman stated that Buyer’s conviction in March was not a difficult decision as the evidence against him clearly indicated his guilt. The judge also pointed out that Buyer had lied during his trial regarding his knowledge of the profitable mergers.
Berman acknowledged that he had previously dismissed assertions that Buyer faced an unfair prosecution or would be unable to receive a impartial trial in Manhattan due to the Democratic-leaning population of New York City. Berman specifically mentioned six neighboring counties outside of the city from which jurors were also selected.
The buyer was instructed to present themselves at the prison on November 28th.
Before his sentencing, Buyer, a resident of Noblesville, Indiana, suggested to the judge that he should visit Indiana. In Indiana, it is common for individuals to purchase a dozen ears of corn for $6 from an unattended trailer and place the payment in a container that already contains $300, without any concerns about the money being stolen.
“He stated that it is a system based on honor, which is the way we live and the way I have lived my life.”
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