Cliffnote: Just in case some aren’t hip to what this means insider trading is defined as say a Congressman; person, or Congresswoman (yes a sitting or former member of Congress) who has access to information that otherwise would benefit their stock portfolios for example. When that information is used (when it generally isn’t available to the public) this is not only illegal it is widely frowned upon because it is unfair.
Former U.S rep Stephen Buyer is headed to jail this week amid reports that he unlawfully used his former position of power to benefit his stocks. Huff Post reports that Buyer was arrested this week on reported insider trading charges after an extensive investigation by federal authorities in the United States. Buyer represented Indiana from the 90’s until about 2011.
It is understood that Buyer illegally used his confidential access to insider information to profit in the amount of about $350,000 USD. Documents show that the charges date back to 2018 when Buyer went on a golf trip with an unnamed T-Mobile executive who shared with him that the company was buying Spring at the time. He is among at least almost half-a-dozen folks arrested for the same situation.
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