U.S. Representative Steve Buyer charged with insider trading and securities fraud

Rensselaer native and former U.S. Representative, Steve Buyer was charged with insider trading and securities fraud on Monday by federal Law enforcement. Northwest Indiana Times reports sixty three year old Buyer is accused by the U.S. Securities and Exchange Commission of using nonpublic information to buy more than one point five million dollars in stocks that immediately jumped in value. The SEC alleges in March 2018, Buyer learned through his consulting business of T-Mobile’s planned merger with Sprint about a month before it was publicly announced. Once Buyer learned of the news, he began purchasing Sprint securities the next day and acquired a total of more than five hundred thousand dollars of Sprint common stock in multiple accounts.