Former Indiana Republican congressman Stephen Buyer has been sentenced to 22 months in jail in relation to his involvement with insider trading. Previously, he was well-known for being a leading voice in calling for the impeachment of former President Bill Clinton following the Monica Lewinsky scandal.
This is an incredibly shameful fall from grace for Buyer who had built a successful career as a congressman and leader on veterans affairs issues.
Former Republican Rep. Stephen Buyer has been sentenced to 22 months in prison stemming from four counts of securities fraud related to a pair of insider trading schemes in 2018 and 2019. https://t.co/YXqcHQN4WX
— NBC News (@NBCNews) September 20, 2023
Prosecutors accused Buyer of profiting off unpublicized information about stocks he traded after leaving public service.
In addition to prison time, he was ordered to forfeit over $400,000 earned from his trades and pay a $10,000 fine.
U.S District Court Judge Richard Berman noted that Buyer repeatedly lied under oath when testifying about his stock trading and this factored into his sentencing decision.
U.S Attorney Damian Williams said in a statement “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.”
In an attempt at leniency, Buyers attorney’s told Judge Berman about how their client has been forced to sell most of his assets including multiple properties in order to pay legal fees and that his wife would be forced to return to work rather than retire due her age (65).
However these attempts were denied by Judge Berman who kept with prosecutors requests for up two years imprisonment plus fines and forfeitures totaling up to $1.4 million dollars as payment for litigation costs incurred by the government during trial proceedings.
The date set for him reporting into prison is November 28th unless further negotiations are made between now then which could delay or even avoid incarceration altogether
This conviction serves as an example of what can happen when someone abuses positions of trust for personal gain regardless of their previous accomplishments or political affiliations.