Stephen Buyer, a former congressman for an Indiana district, has been sentenced to 22 years for insider trading.
The sentencing is in response to Buyer purchasing Sprint stock ahead of its merger with T-Mobile.
I never thought I would see the day a government official gets charged with insider trading.
If this is the new precedent, maybe Nancy Pelosi will get life in prison!
It’s only fair, given her net worth in the hundreds of millions.
And let’s not kid ourselves, she did NOT earn that from her Congress salary.
More from Fox News:
A former Republican lawmaker was sentenced to 22 months in prison for insider trading on Tuesday.
Stephen Buyer, 64, who served as a U.S. representative from Indiana from 1993 to 2011, was convicted earlier this year for operating off insider information after leaving office. In addition to incarceration, Buyer was ordered to forfeit the $354,027 he had gained with the trades in addition to a $10,000 fine.
Buyer’s conviction arose from his purchase of stocks in Navigant, a management company that one of Buyer’s clients, Guidehouse, was set to purchase weeks later. He also purchased shares of Sprint after learning of the company’s non-public plans to merge with T-Mobile.
“Stephen Buyer was convicted by a jury of twice engaging in insider trading. He abused positions of trust for illicit personal gain, and today he faced justice for those acts. No insider trader is above the law, and we will continue to bring those who undermine the fairness and integrity of our markets to justice,” U.S. Attorney Damian Williams said in a statement Tuesday.
Take a look at what Nancy Pelosi said in response to being asked if insider trading should be banned:
Nancy Pelosi was asked if insider trading should be banned for Congress members.
This is how she responded:
It is currently legal for member of congress to trade stocks and options based on information they learn about which companies will benefit from legislation… pic.twitter.com/ZRYsDX5HG5
— Wall Street Silver (@WallStreetSilv) September 12, 2023
She needs to be jailed.
Nancy Pelosi might just be one of the most corrupt government officials in American history.
🚨BREAKING🚨 Former GOP Congressman Stephen Buyer sentenced to 22 months in prison for insider trading! 😱 After leading the charge in Clinton’s impeachment, Buyer now faces justice for abusing trust and profiting illegally. Read the shocking details here: https://t.co/OZSYG70pZK
— Patriot911 (@Patriot911News) September 20, 2023
BREAKING: Former US Congressman Stephen Buyer was sentenced to 22 months in federal prison for insider training
Buyer made more than $320,000 for himself, his relatives and a woman whom he’d been having an affair with.
He will pay $354,027 in restitution and a $10,000 fine. pic.twitter.com/MqFzk5huXv
— unusual_whales (@unusual_whales) September 19, 2023
More from NBC News:
Prosecutors said that Buyer bought shares of Sprint stock, ahead of its $26.5 billion merger announcement with T-Mobile in 2018. In a separate scheme in 2019, they alleged that he also traded shares of Navigant Consulting Inc. before it was acquired by Guidehouse, a consulting and advisory firm.
Buyer made more than $126,000 from buying and later selling Sprint stock and made more than $223,000 from the Navigant trades, according to the indictment.
Buyer’s lawyer said that the former congressman would appeal.
“Steve is disappointed in the sentence, but we look forward to the appeal,” Daniel Alonso said in a statement. “The best way to understand who Steve Buyer is is to read the defense’s publicly filed sentencing memorandum and the dozens of letters sent to Judge Berman on his behalf.”
These corrupt politicians need to be tried and put away for life.
While they are making millions off insider trading, they let the American people barely scrape by year after year.
This is not a partisan issue.
Democrats and Republicans both have a history of this disgraceful conduct.
President Trump would not tolerate this.