Former U.S. Congressman Pleads Not Guilty to Insider Trading Charges

by cloudnewsmag

NEW YORK (Reuters) – Former U.S. congressman Stephen Buyer pleaded not guilty in Manhattan federal court on Wednesday to insider trading charges over purchases of Sprint shares before the telecommunications company merged with T-Mobile US Inc in 2018.

William Schwartz, a lawyer for Buyer, told U.S. District Judge Richard Berman at a hearing that Buyer did not receive material inside information before his trades.

“We think that the case is weak, frankly,” Schwartz said.

Buyer was one of seven people arrested this week on insider trading charges, as part of a crackdown on financial crime by Damian Williams, the U.S. attorney in Manhattan.

A former Goldman Sachs banker, a former FBI trainee and a technology executive were among those arrested. The seven defendants also face parallel civil charges by the U.S. Securities and Exchange Commission.

(Reporting by Luc Cohen in New York; Editing by Will Dunham)

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