The US Securities and Exchange Commission accused former Republican MP Steve Buyer of insider trading on July 25, 2022. (SEC). The founder of the consulting firm Steve Buyer Group was the target of one of the most aggressive police insider trading investigations. According to the SEC, T-Mobile was a customer of the organization, and during a golfing session in March 2018 with one of the T executives, the Mobile buyer obtained information that helped him engage in insider trading prior to the merger between T -Mobile and sprinting.
The U.S. Securities and Exchange Commission announced in a press release:
“The buyer began acquiring Sprint stock the following day, and prior to the merger announcement, he purchased a total of $568,000 in Sprint common stock in his own accounts, a joint account with his cousin and the account of a friend. In April 2018, when news of the transaction became known, the buyer immediately realized a profit of more than $107,000.”
On Monday, nine people were charged with insider trading in New York City, including a former congressman from Indiana. According to the SEC, Steve Buyer has made further investments in Navigant Consulting, Inc. prior to the merger with Guidehouse LLP, another of its consulting clients. These investments totaled one million dollars.
“According to the lawsuit, on the day the Navigant purchase was made public in August 2019, the buyer sold virtually all of the stock purchased on its multiple accounts and made more than $227,000 in profit.”
Steve Buyer is the latest target of the SEC’s current efforts to prevent insider trading
Multiple charges of insider trading were brought against the former representative of Indiana’s Fourth Congressional District, who served as a Republican from 1993 to 2011. The SEC said it was misusing “confidential information” to generate huge profits. SEC Enforcement Division Director Gurbir S. Grewal said in the press release:
“When insiders like Buyer—an attorney, former prosecutor, and retired congressman—money from their access to substantial, nonpublic information, as alleged in this case, they are not only violating federal securities laws, but violating them. public confidence and trust in integrity. of our markets.”
On Monday, Manhattan federal court charged the buyer with violating both Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. The SEC has vowed to maintain and strengthen public confidence by holding public office holders accountable. for their unauthorized use of private information obtained through their position.
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