Ex-lawmaker convicted of insider trading before T-Mobile merger
Former U.S. Congressman Stephen Buyer was convicted by a New York jury on Friday of trading on inside information he learned in 2018 as a consultant to T-Mobile US Inc. ahead of its $23 billion merger with Sprint. 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. A woman walks past a T-Mobile retail store in New York, on Jan. 31, 2022. Anthony Behar / Sipa USA via AP file 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. Bu...