The Securities and Exchange Commission announced Monday that it has filed charges against Steve Beyer, a former Republican congressman from Indiana. The SEC said the buyer bought $568,000 in Sprint stock in his and other accounts after T-Mobile
An executive told him at a golf outing in March 2018 about the planned merger of the two wireless carriers before the deal was announced, with those deals providing an immediate profit of more than $107,000. The regulatory agency also said Buyer bought more than $1 million in Navigant Consulting stock in 2019 across multiple accounts before publicly announcing the company would be acquired by Guidehouse, with those transactions netting a profit of more than $227,000. T-Mobile and Guidehouse were clients of a consulting business that Kuna founded after leaving the US House of Representatives. “When insiders like Buyer – an attorney, former prosecutor and retired congressman – profit from their access to material, non-public information, as alleged in this case, they not only violate federal securities laws, but also undermine public trust and confidence in the fairness of our markets. “, said Gurbir S. Grewal, director of the SEC’s enforcement division, b Disclaimer. “We are committed to doing everything we can to maintain and increase public trust by leveling the playing field and holding the buyer accountable for illegally profiting from their access.” Some Democratic and Republican lawmakers were pushing for a ban on the buying and selling of individual stocks by current members of Congress.