SEC Drops Insider Trading Claims Against Pardoned Stephen Buyer

The Securities and Exchange Commission filed a motion to dismiss civil insider trading claims against former Republican congressman Stephen Buyer. The move follows a June pardon granted to Buyer by President Donald Trump, who described Buyer's previous service as a member of the U.S. House and a judge advocate general in the Army as "distinguished and highly productive."

Buyer, who represented Indiana from 1993 to 2011, was convicted in 2023 and sentenced to 22 months in prison. He used confidential information to profit more than $349,000 from the acquisitions of Sprint Corp. by T-Mobile US Inc. and Navigant Consulting Inc. by Guidehouse Inc.

In its filing, the SEC stated that the dismissal of this specific civil case "does not necessarily reflect the Commission’s position on any other case."