Stephen Buyer, a former Republican representative from Indiana, was convicted of insider trading related to two stock deals before they were publicly announced. Buyer was sentenced in 2023 to 22 months in prison for securities fraud. He was accused of using information from clients of his consulting firm to trade stock, including T-Mobile’s planned acquisition of Sprint and Guidehouse’s acquisition of Navigant.
President Trump pardoned Buyer, citing his distinguished career as a Judge Advocate General and a representative for Indiana. The pardon, supported by current and former Republican lawmakers, was dated June 4, 2026. Trump’s administration has granted pardons to many accused of white-collar crimes, leading to a business of operatives advocating for clemency.
“Mr. Buyer’s career serving as a Judge Advocate General in the United States Army and as a Member of the United States House of Representatives from the State of Indiana was distinguished and highly productive,” Trump said in the proclamation.
The S.E.C. alleged Buyer used insider knowledge from clients, such as T-Mobile, to buy Sprint securities, earning more than $107,000. Similarly, Buyer purchased over $1 million in Navigant stocks after learning about Guidehouse’s acquisition, profiting over $227,000.
Buyer, 67, retired from Congress in 2010 to care for his wife, diagnosed with an autoimmune disease. The S.E.C. requested the court to demand Buyer surrender trade gains with interest and bar him from corporate roles.
Insider trading by legislators has prompted concerns in Congress due to lawmakers’ access to sensitive information. While House Republicans advanced a bill to restrict stock trading by lawmakers, Democrats criticized loopholes that might weaken the bill’s effectiveness.