Trump Pardons Former Representative Stephen Buyer Convicted of Insider Trading

Stephen Buyer, formerly a Republican representative from Indiana, faced charges in 2023 for insider trading activities involving two undisclosed stock deals. Recently, President Trump issued a pardon for Buyer, which gained support from several Republican figures, including Senators Roger Wicker of Mississippi and Lindsey Graham of South Carolina, as well as former House Speaker John Boehner. The pardon was officially recorded on June 4.

Buyer received a 22-month prison sentence in 2023 after being found guilty on four securities fraud counts. U.S. authorities charged him both civilly and criminally for using privileged information acquired from clients of his post-congressional consulting firm, established in 2011, to engage in stock trading related to mergers.

Since his return to the White House last year, President Trump has granted numerous pardons and commutations, mainly to individuals accused of white-collar crimes. This trend has fostered a network of right-wing operatives seeking clemency for their clients.

“Mr. Buyer’s career serving as a Judge Advocate General in the United States Army and as a Member of the United States House of Representatives from Indiana was distinguished and highly productive,” stated President Trump in the pardon proclamation.

The SEC’s complaint detailed Buyer’s inside knowledge of two major mergers. In one instance, he learned of T-Mobile’s intention to acquire Sprint from a T-Mobile executive, resulting in his purchase of $568,000 in Sprint securities. This investment saw a substantial increase of over $107,000 once the merger announcement was public.

In another 2019 transaction, Buyer gained insight from Guidehouse, a client, about its acquisition of Navigant, a rival firm. Buyer proceeded to invest over $1 million in Navigant stock, subsequently selling it post-announcement for profits surpassing $227,000.

When Buyer was accused in 2022, his lawyer Andrew Goldstein firmly asserted Buyer’s innocence. Goldstein has not yet commented on the latest developments.

Buyer, aged 67, began his political career with his election to the House of Representatives in 1992. He retired in 2010 to attend to his wife, Joni Lynn Buyer, who reportedly suffered from an autoimmune disease.

The SEC had requested the Southern District of New York court to demand Buyer and his wife repay their trading profits with interest, and to forbid Buyer from holding any leadership positions in corporations.

Government officials have been negotiating insider trading concerns among lawmakers, who have privileged access to classified data, key business figures, and economic policymaking. While House Republicans have proposed legislation to limit stock trading by legislators and their families, Democrats contend that the bill’s loopholes prevent its effectiveness.

Francesca Regalado is a journalist for The Times, specializing in breaking news.