Buyer was a Republican from Indiana in the U.S. House of
Representatives between 1993 and 2011 before working as a corporate
consultant.
Prosecutors said at a trial that began on March 1 that Buyer bought
Sprint stock after learning from a T-Mobile executive that the
telecommunications companies were in merger talks in 2018 and
engaged in another insider trading scheme in 2019.
Buyer took the stand at trial and denied trading on inside
information. His attorney did not immediately return a request for
comment on Friday.
The former congressman was found guilty on four counts of securities
fraud. Judge Richard Berman will hold a sentencing hearing on July
11.
Buyer made more than $100,000 from the Sprint trades and more than
$200,000 on stock in Navigant Consulting Inc, which he purchased
before Guidehouse acquired the company in 2019, according to
prosecutors.
Prosecutors urged the jury to focus on the timing of Buyer's trades,
which came as employees at his client companies learned about the
mergers.
Buyer's attorneys argued that no hard evidence showed when he
learned about the two mergers and said he had relied on public
research to pick the stocks.
The former congressman was one of several people, including a former
Goldman Sachs banker, arrested on insider trading charges in July as
part of a crackdown by Damian Williams, the U.S. attorney for the
Southern District of New York.
(Reporting by Jody Godoy in New York; Editing by Josie Kao)
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