Former Congressman Stephen Buyer arrives for his insider trading trial at the United States Courthouse in New York, March 8, 2023. | President Donald Trump is shown during an event in Chippewa Falls, Wisconsin, June, 5, 2026. Brendan McDermid/Reuters | Nathan Howard/Reuters
President Donald Trump has declared that he has granted clemency to former Republican Representative Stephen Buyer of Indiana, who had been found guilty of insider trading following his departure from public service.
The Securities and Exchange Commission initiated proceedings against Buyer in 2021, asserting that he engaged in stock transactions using confidential information about the merger of T-Mobile and Sprint. This information was obtained from clients of his consulting firm, which he established after concluding his tenure in Congress in 2011.
In this July 27, 2022, file photo, former Rep. Stephen Buyer leaves Manhattan federal court after pleading not guilty to charges that he participated in an insider trading scheme while working as a consultant, in New York.Larry Neumeister/AP Photo, FILE
Buyer received a sentence of 22 months imprisonment in September 2023, a period of six months after a federal jury in Manhattan rendered a guilty verdict. He was discharged from incarceration last year, having completed his sentence.
In the official document announcing the pardon, dated June 4, Trump characterized Buyer’s service in Congress and as a judge advocate general (JAG) in the U.S. Army as “distinguished and highly productive,” making no mention of any impropriety.
The proclamation indicated that several prominent Republican figures, including Senator Lindsey Graham of South Carolina, had endorsed the pardon.
Previously, Trump has voiced strong disapproval of insider trading activities within prediction markets amidst ongoing global conflicts, such as the Iran war, and has stated that he is “not pleased with any of that.”
President Donald Trump speaks with the press aboard Air Force One as he flies from Joint Base Andrews in Maryland to Eau Claire, Wis., June 5, 2026.Saul Loeb/AFP via Getty Images
He has consistently expressed public support for prohibiting members of Congress from trading individual stocks, affirming that he would “absolutely” sign such legislation into law.
Buyer’s pardon was issued just days after Trump shared letters on social media from numerous Republicans, including 42 retired members of Congress, imploring the president to grant Buyer leniency.
The correspondence also highlighted Buyer’s 18-year tenure in Congress and his role as a House prosecutor during the impeachment proceedings against President Bill Clinton.
— ABC News’ Ivan Pereira contributed to this report.
Sourse: abcnews.go.com