On Tuesday, a former Republican congressman who engaged in insider trading reportedly received a 22-month prison term for insider trading.
Stephen Buyer, 64, a former Indiana congressman who in office from 1993 to 2011, was found guilty earlier this year of using inside knowledge while still in office.
Buyer was sentenced to prison, a $10,000 fine, and the forfeiture of the $354,027 he had made from the trades.
Buyer was found guilty due to his investment in Navigant, a management firm that one of his customers, Guidehouse, planned to acquire a few weeks later.
When he learned that Sprint was secretly planning to merge with T-Mobile, he also bought shares of that business.
On November 28, Buyer, 64, is expected to report to prison.
In addition, Buyer was charged with obstruction of justice by U.S. District Judge Richard Berman for giving the court fraudulent justifications for his trades.
Buyer, an attorney who served in the Persian Gulf War, once served as chair of the House Veterans’ Affairs committee and as a prosecutor for the House during the impeachment trial of President Bill Clinton in 1998.
Lawyers for Buyer had requested Berman to restrict Buyer’s punishment to house arrest and community service.
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