The White House announced that President Donald Trump has used his presidential authority to grant a “full, complete, and unconditional pardon” to former Republican Indiana Representative Stephen Buyer. Convicted of insider trading, Buyer was facing a 22-month sentence for his actions post-office, when he was found guilty of leveraging insider information for profit.
Background on Stephen Buyer
Stephen Buyer, known for chairing the House Veterans’ Affairs Committee and acting as a House prosecutor during President Bill Clinton’s 1998 impeachment trial, was convicted on charges related to insider trading. His conviction revolved around allegations of buying stocks in companies based on nonpublic information.
GOP lawmakers, including Senators Lindsey Graham and Roger Wicker, and former House Speaker John Boehner, endorsed the pardon.
The White House acknowledged Buyer’s “distinguished and highly productive” career, mentioning his military service and his long tenure as an Indiana representative. Buyer’s military background included work as a judge advocate general in the U.S. Army.
Details of the Conviction and Legal Defense
Buyer’s conviction arose from stock purchases made in Navigant and Sprint, allegedly before significant mergers. U.S. District Judge Richard Berman presided over the case, claiming that Buyer obstructed justice by offering false trading explanations.
Buyer’s legal team sought a lighter sentence, proposing home confinement due to his financial ruin. They detailed that despite earning $2.2 million in a peak year, legal battles drained their finances, prompting asset sales and secondary income for his wife.
Financial and Legal Rulings
The court sentenced Buyer to prison, imposing a $354,027 forfeiture of illegal gains and a $10,000 additional fine. Although federal prosecutors requested Buyer cover $1.4 million in legal fees, the judge dismissed this demand.
The White House instructed Acting Attorney General Todd Blanche to issue a pardon certificate for Buyer, ensuring the pardon process was carried out immediately.