Staff Report

NEW YORK — Stephen Buyer, a former U.S. Representative for Indiana’s 4th Congressional District, was found guilty on insider trading charges by a jury in New York on Friday, March 10.

According to a complaint from the U.S. Securities and Exchange Commission, in March 2018, Buyer learned about T-Mobile’s plan to acquire Sprint, which was not public information at the time. Ahead of the merger announcement, Buyer purchased Sprint securities and acquired a total of $568,000 in Sprint common stock within his own personal accounts.

He also purchased more than $1 million of Navigant Consulting Inc. securities ahead of a public announcement that it would be acquired by Guidehouse LLP.

Buyer will be sentenced on July 11.