Former US Congressman Charged With Insider Trading—Is Nancy Pelosi Next?

2023-9-20 07:42

A US court ordered a former Republican congressman from Indiana to spend 22 months in prison for trading on inside information. In March, US District Judge Richard Berman in New York found Stephen Buyer guilty and sentenced him.

The politician, who served in Congress from 1993 to 2011, traded using information he had on mergers while working as a consultant after leaving office.

Insider Trading Conviction

On September 19, the court handed down the sentence. According to reports, they ordered the buyer to report to prison on November 28. 

He was found guilty of making nearly $350,000 in insider trading. He had prior knowledge ahead of T-Mobile US Inc.’s 2018 announcement of plans to acquire Sprint Corp in a $26.5 billion merger. Prosecutors said Buyer bought tens of thousands of shares after a T-Mobile executive told him about the merger on a Miami golf weekend.

Buyer also traded on Guidehouse Inc.’s 2019 acquisition of Navigant Consulting Inc.

After the March verdict, attorney Damian Williams said that Buyer:

“Leveraged his position as a corporate advisor to twice use his clients’ material nonpublic information to commit insider trading.”

However, Buyer declared his intention to appeal and told the judge that his life was characterized by “good acts.”

The politician served on the House Subcommittee on Communications and Technology, which oversees the US telecoms industry. After leaving Congress in 2011, he formed a consulting firm advising companies in the sector.

Forget insider trading and learn copy trading with our guides: 6 Best Copy Trading Platforms in 2023

The heavy sentencing has put the spotlight back on other potential insider trading misdemeanors. Even Elon Musk has been sued over his Dogecoin shilling. 

High-profile figures, such as US Speaker of the House of Representatives Nancy Pelosi, may implicate themselves. In June, Nancy Pelosi’s husband exercised roughly $2.6 million worth of Apple and Microsoft stock options.

Paul Pelosi has faced backlash over his stock trades that seem to coincide with legislation in the technology sector. Additionally, Nancy has repeatedly stated that her husband’s trades have nothing to do with her political knowledge. 

In July 2022, Paul Pelosi sold millions worth of stock Nvidia. This was a day before the Senate passed a multibillion-dollar bill aimed in part at boosting US chip manufacturing. 

Paul Pelosi Sells Nvidia Shares. Source: Forbes Delving Deeper into Policician’s Investments

On September 15, internet culture outlet the Daily Dot questioned Nancy Pelosi’s stock trading habits. The pair have accrued millions of dollars in real estate and other investments, casting light on their stock holdings.

“The American public has long suspected that members of Congress use their power and knowledge to give them an edge in the stock market.”

There are even Nancy Pelosi stock-tracking X (Twitter) accounts that have the goal of “getting them banned from trading.” 

Furthermore, reports from September 14 estimate that her entire portfolio has increased by around 30% this year. They also added that “Other politicians have seen even larger increases.”

The post Former US Congressman Charged With Insider Trading—Is Nancy Pelosi Next? appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Open Trading Network (OTN) на Currencies.ru

$ 0.0064948 (+0.67%)
Объем 24H $0
Изменеия 24h: 1.44 %, 7d: 12.76 %
Cегодня L: $0.0064948 - H: $0.0064948
Капитализация $13.149k Rank 2181
Доступно / Всего 2.025m OTN / 100m OTN

trading insider congressman former conviction prison refocused

trading insider → Результатов: 126


First NFT insider trading case launched: Potential to set precedent for digital assets

Former OpenSea product manager, Nathaniel Chastain, has been accused of insider trading — marking the first criminal insider trading case involving digital assets, according to a Reuters report. According to the report, Chastain has been accused of using confidential information to secretly purchase NFTs — later profiting by featuring and selling them on the OpenSea […] The post First NFT insider trading case launched: Potential to set precedent for digital assets appeared first on CryptoSlate.

2023-4-25 18:02


Crypto’s Self-Policing Unveils Insider Trading at $1.5 Bln Valued NFT Marketplace, OpenSea

Popular non-fungible token (NFT) marketplace OpenSea addressed the reports of its employee being involved in insider trading. It was only this week that it “learned that one of our employees purchased items that they knew were set to display on our front page before they appeared there publicly,” said Devin Finzer, CEO and co-founder of […] The post Crypto’s Self-Policing Unveils Insider Trading at .

2021-9-17 22:10


Фото:

‘Thank God They Cleared Themselves’ – Coinbase Finds No Hint of Insider Trading

Coinbase has revealed unofficially that its internal investigation into insider trading of Bitcoin Cash found no evidence of foul play. ‘No Disciplinary Action’ In private comments to Fortune, the US’ largest cryptocurrency exchange said that as of last week, the long-awaited investigation had come to an end, but that “no disciplinary action” would occur.

2018-7-25 12:00


Фото:

Report: Japan’s Crypto Exchange Body to Release Rules

Japan’s Virtual Currency Exchange Association (JVCEA) will reportedly be releasing new voluntary rules next week, Cointelegraph Japan reports today, June 18. The official announcement of the regulatory guidelines, set for June 27th, will reportedly include a ban on insider trading, penalizing cryptocurrency exchange employees if they engage in “inappropriate” trading due to their firsthand knowledge.

2018-6-19 01:32


Глава Skycoin признался в торговых манипуляциях с токеном компании

Пользователь Twitter Джаред Данн (Jared Dunn) выложил двухминутную аудиозапись, на которой генеральный директор компании Skycoin Синт (Synth) признается, что некоторые члены команды и администраторы Telegram-канала производят торговые манипуляции с монетой SKY.

2018-6-18 16:01