Stephen Buyer Receives Pardon Over Insider Trading Conviction

Stephen Buyer, a former Republican representative from Indiana, was found guilty of insider trading in relation to two deals disclosed before they went public. President Trump has recently pardoned Buyer, as stated in a statement dated June 4. The pardon was supported by Republican figures including Senators Roger Wicker and Lindsey Graham, alongside former House Speaker John Boehner.

Buyer’s conviction in 2023 led to a 22-month prison sentence on charges of securities fraud. He was charged due to trading stock with information about mergers received from clients of his consulting firm, which he established after leaving Congress in 2011.

Under Trump’s presidency, there have been numerous pardons and commutations, particularly involving individuals implicated in white-collar crimes. This trend has created a market for operatives pushing for clemency requests.

President Trump praised Buyer’s past service in the Army’s Judge Advocate General’s Corps and his time in Congress. The S.E.C. accused Buyer of gaining early knowledge of T-Mobile’s acquisition of Sprint from a T-Mobile executive. Buyer allegedly bought $568,000 in Sprint stocks, profiting by $107,000 post-announcement.

In a separate incident in 2019, Buyer reportedly obtained details about Guidehouse’s intent to buy Navigant from one of its clients. Buyer allegedly invested over $1 million in Navigant, selling for a profit of $227,000 after the public announcement.

Buyer’s lawyer, Andrew Goldstein, was unavailable for comments. Previously, in 2022, he maintained Buyer’s innocence upon the filing of charges. Buyer, who stepped down from Congress in 2010 to tend to his ill wife, was initially elected in 1992.

The S.E.C. sought court orders for Buyer and his wife to relinquish trading profits with interest and bar Buyer from future corporate leadership roles.

Insider trading remains a contentious issue in Congress, with members possessing access to significant confidential information. Recent legislative efforts propose restricting stock transactions by lawmakers and their families, though concerns over potential loopholes persist.

Report by Francesca Regalado, covering breaking news for the Times.