President Donald Trump issued a pardon to former US Representative Stephen Buyer, who had been sentenced to 22 months in prison for his involvement in insider trading in 2018 while serving as a consultant for T-Mobile US Inc prior to its $23 billion merger with Sprint.
The White House made the announcement regarding the pardon on Friday.
In a statement, the White House said that Trump utilized his powers as outlined in Article II, Section 2 of the US Constitution to issue a “full, complete, and unconditional pardon” to Buyer, who had been found guilty of benefiting from insider information, as per Fox News.
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Stephen Buyer gets full pardon: 5 things to know
- The pardon releases Buyer from a federal conviction in 2023, which led to a 22-month prison term.
- Buyer, who presided over the House Veterans’ Affairs Committee and acted as a House prosecutor during the impeachment trial of former President Bill Clinton in 1998, was convicted by a jury for utilizing nonpublic, insider information after his departure from office.
- Buyer’s “distinguished and highly productive” career was acknowledged in the White House proclamation, which also mentioned his time serving as an Indiana lawmaker from 1993 to 2011 and as a judge advocate general in the U.S. Army.
- According to the White House, the pardon has the “complete and total endorsement” of over 50 current and past congressmen.
- Republican senators were among those who supported the pardon. Roger Wicker, Lindsey Graham, and former House Speaker John Boehner. Former Sen. Rick Santorum of Pennsylvania, former Representative Louie Gohmert of Texas, former Representative Dan Burton of Indiana, former Representative Lamar Smith of Texas, and former Indiana Attorney General Curtis Hill Jr. were among the other backers.
Understanding Stephen Buyer’s case
The proclamation ordered Acting Attorney General Todd Blanche to “administer and effectuate the immediate issuance of a certificate of pardon” for Buyer, Fox News reported.
Buyer’s conviction resulted from claims that he bought stock in Navigant, a management company, just weeks ahead it was acquired by one of his own clients, Guidehouse. He was subsequently accused of surreptitiously buying Sprint stock after knowing of the company’s unannounced plans to merge with T-Mobile.
Buyer’s legal team argued that while though Buyer had previously earned up to $2.2 million in a single year, the expense of litigation had financially wrecked him, thus they advocated for a sentence of home detention and community service rather than jail time.
His attorneys claim that Buyer and his spouse were compelled to sell their house, condo, and two automobiles, and that his spouse had to return to the job at age 65.
Despite the defense’s best efforts, Berman fined Buyer an extra $10,000, sentenced him to 22 months in prison, and directed him to forfeit the $354,027 he made from the illicit deals.
Additionally, federal prosecutors requested that Buyer pay $1.4 million to cover both parties’ legal costs, but the judge rejected their request.
