President Donald Trump has granted a pardon to Stephen E. Buyer, the former Republican representative from Indiana who was convicted of insider trading in 2023. The pardon, issued on June 4, received support from several Republican lawmakers, including Senators Roger Wicker from Mississippi and Lindsey Graham from South Carolina, as well as former House Speaker John Boehner.
Stephen Buyer had been sentenced to 22 months in prison after being convicted of four counts of securities fraud. Authorities had charged him for trading stock based on information related to two mergers that he obtained from clients of his consulting firm, established after his departure from Congress in 2011.
Since his return to the White House, President Trump has issued numerous pardons and commutations, particularly favoring individuals accused of white-collar crimes. This trend has led to the emergence of a network of right-wing operatives hired to advocate clemency petitions to the president.
In the pardon proclamation, President Trump commended Mr. Buyer’s career, highlighting his service as a Judge Advocate General in the United States Army and as a Member of the United States House of Representatives from Indiana.
The Securities and Exchange Commission (SEC) filed a complaint against Mr. Buyer, stating that he received insider information regarding T-Mobile’s plan to acquire Sprint from a T-Mobile executive. Following this, he purchased Sprint securities worth $568,000, which appreciated by over $107,000 after the merger was made public.
Another insider trading incident involved Mr. Buyer acquiring over $1 million worth of stock in Navigant after learning from a client, the professional services firm Guidehouse, about its plan to acquire Navigant. He profited more than $227,000 post-acquisition announcement.
Stephen Buyer’s lawyer, Andrew Goldstein, did not respond to requests for comment on Friday night. At the time the charges were filed, Mr. Goldstein maintained Mr. Buyer’s innocence.
Stephen Buyer, aged 67, first entered the House of Representatives in 1992 and decided to retire in 2010 to support his wife, Joni Lynn Buyer, diagnosed with an autoimmune disease.
The SEC’s complaint requested the United States District Court for the Southern District of New York to demand Mr. Buyer and his wife to return their trade profits with interest and prevent Mr. Buyer from holding any executive position.
Congress continues to address concerns about insider trading among lawmakers, who possess sensitive information and shape economic policies. House Republicans are advancing legislation that would implement some limitations on stock transactions by lawmakers and their relatives, despite opposition from Democrats citing the bill’s loopholes.
Francesca Regalado is a reporter for the Times covering breaking news.