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In Inside Trading Trial of Ex-Rep Buyer US Cites Affair as Defense Says SDNY Mind Made Up

By Matthew Russell Lee, Patreon

SDNY COURTHOUSE, March 1 -- On July 25, 2022 the SDNY prosecutors unsealed an indictment of ex Rep Stephen Buyer for illegal trading on two mergers.

On July 27, Buyer accompanied by his wife was in Courtroom 17B of 500 Pearl Street to be arraigned. Inner City Press live tweeted it here.

On March 1, 2023, the trial began with opening arguments. Inner City Press live tweeted here:

OK- now in insider trading trial of ex-Rep from Indiana Stephen Buyer. 

AUSA Margaret Graham: Buyer inside traded on T-Mobile -Sprint, and Guidehouse Navigant. When asked, he lied.

[At defense table, Buyer shakes his head. At least one juror is watching him]

AUSA: Buyer set up a trading account for a woman he was having an affair with, trading only these 2 deals. 

Buyer's lawyer Daniel Alonso (he pronounces his client's name Boo-yer) - They have no facts. There was no material non public info that traded hands. Mr Buyer is about public service

Buyer's lawyer got out in front of his slides, now synchs to say, Buyer worked on Veterans issues. The prosecutors had their minds made up. Now he's 700 miles away from home, on trial. [Buyer waves, as his lawyer mis-says he represented Alabama]

 Buyer's lawyer: Tony Russo told the FBI he couldn't confirm telling Steve about the [#TMobile] merger. He signed the non disclosure on April 18, after he stopped trading.

  Then the government's first witness, who's known Buyer since 1992. Buyer again waved....

  Inner City Press will continue to cover the trial. More with analysis on Substack here


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