Stephen Buyer, a former nine-term Republican congressman from Indiana who now works as a consultant, faces civil and criminal insider trading charges in two cases involving clients of his consulting business, including T-Mobile, which went on to acquire Sprint Corp.
The Securities and Exchange Commission on Monday said Buyer, 63, earned over $300,000 from illegal trading, tried to hide his tracks with handwritten notes, and spread the activity over accounts of his wife, son, cousin, and a woman with whom he had a romantic relationship. He left Congress after the 2010 election.
In addition to the SEC charges, the U.S. Attorney for the Southern District of New York charged Buyer with four counts of securities fraud. Each carries a maximum 20-year prison sentence.
