Former Indiana Congressman Stephen Buyer was sentenced to 22 years in prison and forced to pay over $360,000 for insider trading on Tuesday.
64, who served as a U.S. representative from Indiana from 1993 to 2011, was convicted earlier this year for operating off insider information after leaving office. In addition to incarceration, Buyer was ordered to forfeit the $354,027 he had gained with the trades in addition to a $10,000 fine.
"Stephen Buyer was convicted by a jury of twice engaging in insider trading. He abused positions of trust for illicit personal gain, and today he faced justice for those acts. No insider trader is above the law, and we will continue to bring those who undermine the fairness and integrity of our markets to justice," U.S. Attorney Damian Williams said in a statement Tuesday.
U.S. District Judge Richard Berman also accused Buyer of obstruction of justice for providing false explanations for his trades to the court. Prior to sentencing, the defense told the court that Buyer, who once made as much as $2.2 million in a year, has suffered so much from the cost of litigation that he and his wife have sold most of their assets, including their home, condo and two cars, and his wife will have to return to the workforce at age 65.
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