Stephen Buyer, a Republican former U.S. congressman representing Indiana, has been charged with insider trading over purchases of shares in telecommunications company Sprint ahead of its merger with T-Mobile, prosecutors said Monday.
Buyer, who served in Congress between 1993 and 2011, was working as a consultant to T-Mobile ahead of the 2018 merger, according to an indictment filed by federal prosecutors in Manhattan.
Prosecutors said he used non-public information he learned through his consulting work to buy 112,675 shares in Sprint across four different brokerage accounts ahead of the April 29 announcement of the tie-up, earning a profit of around $126,404.