Former U.S. Congressman Stephen Buyer told jurors an ‘obvious cover story’ to justify trading on information he learned as a consultant to T-Mobile ahead of its $23 billion merger with Sprint, a prosecutor said
March 9 - Former U.S. Congressman Stephen Buyer told jurors an "obvious cover story" to justify trading on information he learned as a consultant to T-Mobile US Inc
ahead of its $23 billion merger with Sprint, a prosecutor said as a trial on criminal insider trading charges drew to a close in New York on Thursday. Buyer was a Republican from Indiana in the U.S. House of Representatives between 1993 and 2011 before working as a corporate consultant. During the trial in Manhattan, which began on March 1, Buyer took the stand and denied using client information to buy Sprint stock before the telecommunications company was acquired by T-Mobile in 2018, and to trade ahead of another client's impending merger.
He testified on Wednesday that he had Sprint on a handwritten list of stocks to watch that he had since discarded, and deduced the company was poised for a merger after reading an analyst report in April 2018.
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