Nine people, including former Republican congressman from Indiana Stephen Buyer, have been charged with insider trading in four separate cases.
An indictment identified Stephen Buyer as someone who misappropriated secrets he learned as a consultant to make $350,000 illegally. Buyer served on committees with oversight over the telecommunications industry while a Republican congressman from 1993 through 2011, the indictment said.
His lawyer, Andrew Goldstein, has maintained Buyer’s innocence, saying in a statement that his client’s stock traders were "lawful" and "he looks forward to being quickly vindicated.
In a second case, 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.
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