Former US Congressman Stephen Buyer from Indiana, who was imprisoned for insider trading in 2023, has been pardoned by President Donald Trump. Buyer was convicted of securities fraud in 2018 for engaging in insider trading as a consultant for T-Mobile US before its merger with Sprint.
The White House announcement did not provide a specific reason for the pardon but highlighted Buyer’s distinguished service as a US Army judge advocate general and member of Congress. Trump granted Buyer a “full, complete and unconditional pardon” based on the advice and recommendation of 52 current and former members of the US Senate and House of Representatives.
This pardon is part of a pattern by Trump, who has faced criticism for releasing convicted individuals under controversial circumstances. Notably, Trump also pardoned former Honduras President Juan Orlando Hernández and Binance founder Changpeng Zhao in separate incidents.
Buyer, a Republican who served in the House from 1993 to 2011, was found guilty of four counts of securities fraud in 2023 and sentenced to 22 months in prison. Prosecutors revealed that Buyer made illegal trades based on insider information about the T-Mobile-Sprint merger and another acquisition involving Navigant Consulting Inc.
Despite denying the allegations and claiming innocence during his trial, Buyer was convicted. Prosecutors sought a three-year prison term, citing Buyer’s breach of trust and deceitful behavior. Buyer’s appeal to the US Supreme Court was declined in May of the same year.