SEC charges 10 people with insider trading in four cases
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The U.S. Securities and Exchange Commission charged 10 individuals with insider trading on Monday, including a former congressman and a former FBI trainee.
Stephen Buyer, a retired congressman from Indiana who formed a consulting firm, was accused of making at least $334K in profits using information he received from clients of the Steve Buyer Group.
In one instance, he acquired Sprint securities after he learned about T-Mobile's (TMUS) then non-public plan to acquire Sprint. He also purchased more than $1M of Navigant Consulting securities ahead of the the public announcement that it would be acquired by Guidehouse LLP, one of Buyer's consulting clients.
Separately, the SEC charged nine individuals related to three separate alleged schemes that resulted in $6.8M of illicit profits.
In one action, the SEC alleged that Amit Bhardwaj, the former chief information security officer of Lumentum Holdings (LITE), and four of his friends traded ahead of two corporate acquisition announcements by Lumentum, generating $5.2M. An attorney representing Bhardwaj didn't immediately respond to a request for comment.
In another, an investment banker, Brijesh Goel, and his friend, a foreign exchange trader at a large financial institutions were charged with making more than $275K from trading ahead of four acquisition announcements in 2017. The attorney representing Goel didn't immediately respond to a request for comment.
The SEC also alleged that a former FBI trainee and his friend profited more than $1.3M from Merck's (MRK) 2021 announcement that it would acquire Pandion Therapeutics.