Former nine-term congressman Stephen Buyer (R-Ind.) has been sentenced to 22 months in prison for insider trading. Buyer, who served in Congress from 1993 to 2011, was found guilty of making nearly $350,000 from insider trading conducted before Guidehouse Inc.’s 2019 acquisition of Navigant Consulting Inc. and T-Mobile’s Sprint Corp. acquisition announcement in 2018. The sentencing was carried out by U.S. District Judge Richard Berman in New York.
Buyer did not address his conviction during the hearing, stating that he would appeal the decision and emphasizing his “good acts” throughout his life.
The former congressman was charged and found guilty of four counts of securities fraud, each carrying a maximum sentence of 20 years. Prosecutors initially alleged that he profited over $227,000.
Buyer, who formed and worked for his own consulting firm, the Steve Buyer Group, was ordered to report to prison on November 28. Buyer’s attorneys have expressed disappointment with the sentence and plan to appeal.