insider

Trump pardons former Republican congressman convicted for insider trading

President Donald Trump this week pardoned former U.S. Rep. Stephen Buyer, R-Ind., who was convicted in 2023 on four counts of securities fraud for stock trades about mergers that he made before the information had been made public. Photo by Shawn Thew/UPI | License Photo

June 6 (UPI) — President Donald Trump pardoned former U.S. Rep. Stephen Buyer, R-Ind., who was convicted on four counts of securities fraud in 2023 after he left Congress.

Buyer had been convicted and sentenced to 22 months in prison after he was charged with trading stock based on two mergers he knew about based on work at his consulting firm, ABC News and The New York Times reported.

The two mergers he based trades on were T-Mobile’s deal to acquire Sprint and the professional services firm Guidehouse’s deal to buy its competitor Navigant.

In a proclamation released Thursday by the White House, President Donald Trump included a list of current and former members of members of Congress, including Sens. Roger Wicker and Lindsey Graham and Reps. Pet Sessions and Jack Bergman, among several others.

“Mr. Buyer’s career serving as a judge advocate general in the United States Army and as a member of the U.S. House of Representatives from the State of Indiana was distinguished and highly productive,” Trump said.

Buyer was first elected to Congress in 1992, retired from the House in 2010 and then formed his consulting company.

The trades he made based, which were based on executives of the companies he was working for, netted him well over $330,000 in profit when he sold shares of the companies after the mergers were announced.

During his time in Congress, Buyer also was a House prosecutor during the impeaching of former President Bill Clinton in the late 1990s.

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Trump pardons former US Congress member accused of insider trading | Donald Trump News

Republican Stephen Buyer was convicted and sentenced to 22 months in prison, though he has maintained his innocence.

United States President Donald Trump has issued a pardon to Stephen Buyer, a former Republican congressman from Indiana who served nearly two years in prison for making illegal stock trades based on inside information after he left office.

The pardon was dated Thursday and released by the White House late Friday night.

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Buyer was sentenced to 22 months in prison in 2023 for trades made while working as a consultant and lobbyist. He was ordered to forfeit more than $350,000, representing the amount of the illegal gains, as well as pay a $10,000 fine. He was released in 2025.

The Supreme Court in May rejected Buyer’s appeal without comment or noted dissent.

In granting “a full, complete, and unconditional pardon” to Buyer, Trump cited the Republican’s work, both as a judge advocate general in the US Army and as a politician in the US House. Trump described his career as “distinguished and highly productive”.

Buyer said the pardon “corrects a politically motivated prosecution” and that it was “horrific to be imprisoned for a crime that I did not commit”. He maintains that he is innocent.

Trump used his Truth Social media platform on May 31 to share a pair of letters requesting a presidential pardon for Buyer, a lawyer and Gulf War veteran who left office in 2011.

He was a House prosecutor at Democratic President Bill Clinton’s 1998 impeachment trial, and in 2016, he served on Trump’s transition team, focusing on veterans’ issues.

A letter signed by more than 40 former Republicans in Congress said Buyer was “targeted by the deep state” because of his involvement in Clinton’s trial.

“Like you, Mr President, Steve has been the victim of lawfare conducted by the Biden Administration,” they wrote in the April 2025 letter.

A second letter, from five current House Republicans, said pardoning Buyer would bring justice to his case. The June 2025 letter was signed by Tom Cole of Oklahoma, Ken Calvert of California, Marlin Stutzman of Indiana, Jack Bergman of Michigan and Pete Sessions of Texas.

Buyer, 67, was convicted in connection with insider trading involving the $26.5bn merger of T-Mobile and Sprint, announced in April 2018, and illegal trades in the management consulting company Navigant when his client Guidehouse was set to acquire it in a deal publicly disclosed weeks later.

The US Constitution gives the president broad power to grant pardons for federal crimes.

A pardon does not erase a recipient’s criminal record but can be seen as an act of mercy or justice.

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Trump pardons Republican ex-congressman convicted of insider trading

President Trump has issued a pardon to Stephen Buyer, a Republican former congressman from Indiana who served nearly two years in prison for making illegal stock trades based on inside information after he left office.

Buyer was sentenced to 22 months in prison in 2023 for trades made while working as a consultant and lobbyist. He was ordered to forfeit more than $350,000, representing the amount of the illegal gains, and pay a $10,000 fine. He was released in 2025.

The Supreme Court in May rejected Buyer’s appeal without comment or noted dissent.

In granting “a full, complete, and unconditional pardon,” Trump cited Buyer’s career as a judge advocate general in the Army and in the House that was “distinguished and highly productive.” The pardon was dated Thursday and released by the White House late Friday.

Buyer asserted that the pardon “corrects a politically motivated prosecution” and that it was “horrific to be imprisoned for a crime that I did not commit.”

Trump used his social media platform May 31 to share a pair of letters requesting a presidential pardon for Buyer, a lawyer and Persian Gulf War veteran who left office in 2011. He was a House prosecutor at President Clinton’s 1999 impeachment trial and in 2016 he served on Trump’s transition team focusing on veterans issues.

A letter signed by more than 40 Republican former members of Congress said Buyer was “targeted by the deep state” because of his involvement in Clinton’s trial a generation ago.

A second letter, from five current House Republicans, including Ken Calvert of Corona, said pardoning Buyer would bring justice to his case. The June 2025 letter was also signed by Tom Cole of Oklahoma, Marlin Stutzman of Indiana, Jack Bergman of Michigan and Pete Sessions of Texas.

Buyer, 67, was convicted in connection with insider trading involving the $26.5-billion merger of T-Mobile and Sprint, announced in April 2018, and illegal trades in the management consulting company Navigant when his client Guidehouse was set to acquire it in a deal publicly disclosed weeks later.

The Constitution gives a president broad power to grant pardons for federal crimes. The pardons do not erase a recipient’s criminal record but can be seen as an act of mercy or justice.

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Google employee charged with insider trading over Polymarket bets | Crime News

Michele Spagnuolo allegedly used insider information to profit from bets on people on Google’s most-searched list.

A Google software engineer has been charged with fraud by US authorities after allegedly using insider information to win more than $1.2m in bets on the prediction market platform Polymarket.

Michele Spagnuolo, an Italian citizen residing in Switzerland, is accused of using confidential information to wager on the results of Google’s annual most-searched list, according to a criminal complaint unsealed on Wednesday.

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US prosecutors accuse Spagnuolo of using an account named “AlphaRaccoon” to make trades on various markets linked to the results of Google’s 2025 Year in Search.

The total sum of the bets was approximately $2.75m, according to the complaint, filed in federal court in New York.

Among the bets, Spagnuolo successfully predicted that indie pop musician d4vd would top the list for the most-searched for person last year, hours after accessing confidential data at Google, according to prosecutors.

Spagnuolo, 36, faces charges of commodities fraud, wire fraud and money laundering.

“Today’s charges reinforce a decades-old message: corporate insiders cannot use confidential business information to turn a profit in our markets,” US Attorney for the Southern District of New York Jay Clayton said in a statement.

“Insider trading compromises the integrity of our markets, and the American people want this greed-driven conduct investigated and prosecuted,” Clayton added.

Bets on Maduro’s capture

Google said in a statement that it is working with law enforcement and that using confidential information to place bets is a serious breach of company policy.

Spagnuolo has been placed on leave, according to a Google spokesperson.

A Polymarket spokesperson said the company had worked closely with the US Attorney’s Office on the investigation and that the firm “is the only prediction platform to date whose cooperation has led to insider trading charges in the United States”.

“We are committed to maintaining accurate, fair, and transparent markets as well as enforcing our rules and working with our regulators and law enforcement,” the spokesperson added.

Last month, a US soldier was charged with using classified military information to place bets on Polymarket regarding the abduction of Venezuelan President Nicolas Maduro.

Prosecutors accuse Gannon Ken Van Dyke, 38, of cashing in on the US operation against Maduro, to the tune of more than $400,000.

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From Insider to Insurgent, Péter Magyar Topples Orbán’s Illiberal System

The rise of Péter Magyar marks one of the most significant political shifts in Hungary’s modern history. His victory over Viktor Orbán ends a 16 year era defined by centralized power and strained relations with the European Union.

What makes Magyar’s ascent particularly striking is that he did not emerge from outside the system, but from within it.

From insider to challenger

Magyar was once closely associated with Orbán’s ruling Fidesz party and initially echoed many of its political themes, including nationalism and scepticism toward liberal European norms.

His turning point came in 2024, when he publicly broke with the government and sharply criticised corruption and the concentration of power. This positioned him as a credible reformist with insider knowledge of how the system operated.

Dismantling an illiberal model

Orbán’s “illiberal democracy” was built on gradually consolidating control over key state institutions, including the judiciary and media. Over time, checks and balances weakened, allowing the ruling party to dominate political life.

Magyar’s understanding of this structure allowed him to directly challenge its foundations, particularly by focusing on corruption and institutional accountability, issues that resonated with voters.

Building a broad coalition

Over two years of campaigning, Magyar evolved politically. He travelled extensively, engaging with voters across the country and broadening his appeal beyond a narrow ideological base.

According to Zsolt Enyedi, Magyar became a unifying figure for pro democracy forces, offering a platform that different groups could rally around. This ability to bridge divides proved crucial in defeating a deeply entrenched political machine.

A more pragmatic approach to Europe

Magyar is not an uncritical supporter of the European Union, but he is expected to take a more constructive approach than his predecessor. Economic realities, particularly the need to unlock suspended EU funds, will push his government toward cooperation with Brussels.

This creates a pragmatic dynamic where reform is driven not only by political vision but also by financial necessity.

A difficult transition ahead

The transition of power is likely to be complex. Magyar has already expressed concern about actions taken by elements of the outgoing administration, suggesting resistance within the system he now seeks to reform.

Rebuilding institutions, restoring trust, and dismantling entrenched networks will take time and political capital.

Analysis

Péter Magyar’s victory highlights a key dynamic in political change within entrenched systems: transformation often comes from insiders who understand the machinery of power.

However, electoral success is only the first step. The deeper challenge lies in restructuring institutions that have been shaped over more than a decade. This process is inherently slow and politically sensitive.

Magyar must navigate competing pressures. Domestically, he faces a conservative and somewhat eurosceptic electorate. Internationally, he is expected to repair relations with the European Union and align more closely with its standards.

This balancing act will define his leadership. While his victory opens the door to democratic renewal, the outcome will depend on whether he can convert political momentum into lasting institutional change.

With information from Reuters.

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