London Daily

Focus on the big picture.
Monday, Jul 06, 2026

Ex-US congressman among 9 charged in insider trading cases

Ex-US congressman among 9 charged in insider trading cases

A former U.S. congressman from Indiana, technology company executives, a man training to be an FBI agent, and an investment banker were among nine people charged in four separate and unrelated insider trading schemes revealed on Monday with the unsealing of indictments in New York City.
It was one of the most significant attacks by law enforcement on insider trading in a decade, and a prosecutor and other federal officials pledged fresh enthusiasm for similar prosecutions in the future. They said the cheating resulted in millions of dollars of illegal profits for defendants situated on both coasts and in middle America.

Stephen Buyer was accused in court papers of engaging in insider trading during the $26.5 billion merger of T-Mobile and Sprint, announced in April 2018. An indictment identified him as someone who misappropriated secrets he learned as a consultant to make $350,000 illegally.

Buyer, 63, of Noblesville, Indiana, was arrested Monday in his home state. He served on committees with oversight over the telecommunications industry while a Republican congressman from 1993 through 2011.

He was described as making purchases of Sprint securities in March 2018 just a day after attending a golf outing with a T-Mobile executive who told him about the company’s then-nonpublic plan to acquire Sprint, according to a civil case brought against Buyer by the Securities and Exchange Commission in a federal court in Manhattan.

Authorities said he also engaged in illegal trading in 2019 ahead of Navigant Consulting Inc.’s acquisition by consulting and advisory firm Guidehouse. Documents said he leveraged his work as a consultant and lobbyist to make illegal profits.

His lawyer, Andrew Goldstein, said in a statement: “Congressman Buyer is innocent. His stock trades were lawful. He looks forward to being quickly vindicated.”

U.S. Attorney Damian Williams told a news conference that the cases, in addition to several other recently announced crackdowns on insider trading, represent a follow-through on his pledge to be “relentless in rooting out crime in our financial markets.”

“We have zero tolerance, zero tolerance for cheating in our markets,” said Gurbir S. Grewal, director of the SEC Enforcement Division.

“When insiders like Buyer — an attorney, a former prosecutor, and a retired Congressman — monetize their access to material, nonpublic information, as alleged in this case, they not only violate the federal securities laws, but also undermine public trust and confidence in the fairness of our markets,” Grewal said.

In a second prosecution, three executives at Silicon Valley technology companies were charged with trading on inside information about corporate mergers that one of them learned about from his employer.

An indictment accused Amit Bhardwaj, 49, of San Ramon, California, who was the chief information security officer of Lumentum Holdings Inc., of using secrets to trade illegally and then giving the information to criminal associates, including four friends. The SEC said Bhardwaj and his friends generated more than $5.2 million in illicit profits by trading ahead of two corporate acquisition announcements.

A lawyer for Bhardwaj did not immediately return messages seeking comment.

In a third case, Seth Markin, of Washington Crossing, Pennsylvania — a man who was training to be an FBI agent — allegedly stole inside information from his then-girlfriend who was working at a major Washington D.C. law firm. According to court papers, he and a friend made more than $1.4 million in illegal profits after he learned that Merck & Co. was going to acquire Pandion Therapeutics. It was unclear who would represent Markin in court.

In a fourth indictment, an investment banker based in New York was charged with sharing secrets about potential mergers with another person, on the understanding that the pair would share illegal profits of about $280,000.

Authorities said seven of the nine defendants were arrested Monday while two were arrested previously.
Newsletter

Related Articles

0:00
0:00
Close
NHS Maternity Reform Expands Central Oversight After Critical National Review
Dover Border Warnings Highlight Post-Brexit Pressure on Cross-Channel Trade
Private Nuclear Consortium Advances £35 Billion Small Reactor Strategy in UK
UK Labour Leadership Signals Shift Toward Reindustrialisation and Regional Power
House of Lords Debates Rail Nationalisation Bill to Create Great British Railways
Scottish Affairs Committee Expands Inquiry Into SNP Financial Conduct
Evri Launches £1.2 Million Defamation Case Against BBC Over Panorama Investigation
Port of Dover Warns of Border Delays as EU Entry-Exit System Looms
Nigel Farage Referred to Standards Watchdog Over Alleged Undeclared Benefits
UK Government Faces Scrutiny Over Claimed AI Datacentre Investment After FOI Findings
UK and India Finalise Trade Agreement Rules Ahead of Mid-July Implementation
UK Government Establishes National Maternity Commissioner After Major Review of NHS Care Failures
Private Consortium Plans £35 Billion UK Nuclear Programme Targeting Small Modular Reactor Rollout
Andy Burnham Sets Out Ten-Year Reindustrialisation and Devolution Plan as Leadership Transition to UK Premiership Advances
Morocco and France Advance as 2026 FIFA World Cup Enters Quarterfinals.
Historic 2026 Tour de France Opens in Barcelona With Revamped Team Time Trial.
Global Mergers and Acquisitions Approach $4 Trillion Defying Geopolitical Tumult.
Negotiators Advance 20-Point Framework for Gaza Ceasefire and Demilitarization.
OECD Warns Middle East Conflict Will Depress Global Economic Growth.
Ukrainian Drones Strike Major Oil Terminal in St. Petersburg.
World Meteorological Organization Issues Urgent Alert Over Rapidly Intensifying El Niño.
United States Commemorates 250th Anniversary With Diplomatic Summits and Global Flotilla.
Iran Begins Days-Long Funeral for Supreme Leader Khamenei Amid Strait of Hormuz Standoff.
Technology giant reports surging carbon emissions driven by artificial intelligence infrastructure demands.
Artificial intelligence adoption accelerates workforce reductions across the technology and financial sectors.
Global technology and financial conglomerates collaborate to launch a new stablecoin standard.
United States regulators lift export restrictions on a major frontier artificial intelligence model.
Royal Society Exhibition Highlights Growing Focus on Public Trust in Science
Energy Costs and Supply Chain Risks Continue to Shape UK Business Strategy
Rapid Rise in Artificial Intelligence Adoption Reshapes UK Corporate Operations, ONS Says
UK Businesses Turn Defensive as Economic Outlook Weakens, Institute of Directors Data Shows
UK Government Faces Criticism Over Late Extension of Pub Hours for England Match
Inquest Continues Into Death of Noah Donohoe as Jury Deliberates Findings
Calls for Stronger Wildlife Attraction Safety Rules After Crocodile Enclosure Injury
City Fire Under Control After Major Blaze Sends Smoke Across Urban Area
Police Investigation Continues After Officer Killed During Road Closure Duties
Blackpool Hotel Fined £120,000 After Electric Shock Incident Involving Child
Whistleblowers Allege Delays in UK Special Educational Needs Support Services
Calls Grow for Improved Support for UK Armed Forces Personnel Facing Health Conditions
Rising UK Energy Price Cap Increase Prompts Wider Concerns Over Household Pressures
UK Businesses Remain Concerned Over Global Conflict Risks to Supply Chains, ONS Finds
Office for National Statistics Reports Rising Adoption of Artificial Intelligence Across UK Businesses
Institute of Directors Reports Deepening Pessimism in UK Business Confidence Index
England Prepare for World Cup Round of 16 Match Against Mexico in Mexico City
Royal Society Summer Science Exhibition Concludes in London After Week-Long Showcase of Research
Silverstone Hosts British Grand Prix as Lando Norris and Lewis Hamilton Lead Home Crowd Expectations
Cornwall Van Dwellers Face Homelessness Risk as Council Tightens Enforcement
Police Investigate Stabbing of Iranian Journalist in London
Rare Copy of US Declaration of Independence Discovered in UK Archive
Department for Education Data Shows Persistent Literacy Gap Among Disadvantaged White Pupils
×