On Friday, April 5, 2024, the Indiana Supreme Court issued an order suspending former Indiana Congressman Stephen Buyer from the practice of law in the state of Indiana. This comes after Buyer was found guilty in federal court on four counts of securities fraud related to insider trading schemes.
The case is entitled “In the Matter of Stephen E. Buyer,” with case no. 24S-DI-66.
According to a press release from the U.S. Attorney’s Office for the Southern District of New York, Buyer participated in two separate insider trading schemes in 2018 and 2019. In the first scheme, Buyer purchased stock in Sprint Corporation ahead of the public announcement of Sprint’s merger with T-Mobile, which was valued at $26.5 billion. Buyer learned confidential information about the impending deal. T-Mobile told a small, trusted group of consultants, including Buyer. He breached his duty of confidentiality and made over $126,000 by purchasing Sprint stock in various personal and friends’ brokerage accounts.
In the second scheme, between June and August 2019, Buyer traded shares of Navigant Consulting ahead of its acquisition by consulting firm Guidehouse. Again, Buyer misappropriated non-public information about the deal that he obtained through his work with Guidehouse. He purchased Navigant stock in multiple accounts, including his own and family members, and made over $223,000 from the illegal trades.
At his March 2023 trial in the U.S. District Court for the Southern District of New York, Buyer was found guilty on all four counts of securities fraud. The District Court judge also found that Buyer’s testimony, in which he provided false explanations for his stock trading, constituted obstruction of justice.
In response to Buyer’s felony convictions, Indiana Chief Justice Loretta Rush signed an order on April 5, 2024, suspending Buyer from practicing law in Indiana pending further disciplinary proceedings. The order states Buyer cannot practice law or fulfill any law-related duties until his convictions are resolved through further legal action or disciplinary proceedings.
The Disposition states:
“IT IS THEREFORE ORDERED that Respondent is suspended from the practice of law in this State, effective immediately. Respondent is ordered to fulfill the duties of a suspended attorney under Admission and Discipline Rule 23(26). The interim suspension shall continue until further order of this Court or final resolution of any resulting disciplinary action, provided no other ion is in effect.”
According to the Biographical Directory of the United States Congress, Mr. Buyer was a Representative from Indiana. He attended the Valparaiso University School of Law, graduating in 1984.
A copy of the original filing can be found here.
