Former Congressman Buyer convicted on insider trading charges
Steve Buyer, our former U.S. rep, convicted Friday for insider trading. A look at land purchases on the LEAP research district project in Lebanon. And Boilers up for B1G semis today.
Just a little This and That on a Saturday morning …
FORMER CONGRESSMAN STEVE BUYER CONVICTED: A federal jury returned a guilty verdict for former U.S. Rep. Steve Buyer during a two-week trial on insider trading charges, stemming from stock deals he pursued during his post-Congress consulting and lobbying days, the Associated Press reported Friday. Sentencing will be July 11 in a New York City federal court for convictions tied to $320,000 in profits Buyer with accounts for himself, his family and a woman federal prosecutors said he had an affair with.
Federal prosecutors charged Buyer in July 2022, accusing Buyer of cashing in when T-Mobile merged with Sprint in 2018 and when Guidehouse, a Virginia firm that provides consulting services to government clients, bought Navigant Consulting Inc. An SEC filing accused Buyer of doing consulting work, including in telecommunications and Department of Veterans Affairs issues, leveraged by his nine terms in Congress that put him in position to get the inside line on pending mergers and corporate sales.
Buyer denied the accusations from the stand during the trial, saying he’d acted boldly but legally, according to coverage from Reuters.
For more on the charges, including details about how prosecutors say Buyer used inside information gleaned during golf outings and then what he did to try to cover his tracks, here’s coverage from July 2022.
Buyer, a Republican from Monticello, was first elected to the U.S House in November 1992, in Indiana’s 5th District. In 2002, when Buyer and then-Rep. Brian Kerns were drawn into the same district, Buyer won the 4th District seat. He didn’t run in 2010, retiring, he said, because he wanted to spend more time with Joni as she dealt with health issues. In his final year in office, he fended off complaints that the Frontier Education Foundation, an entity he created, failed to channel scholarships to college students, as advertised, as it racked up administrative and travel costs.
LAND PRICES FOR THE LEAP PROJECT IN LEBANON: Two outlets, the Indianapolis Business Journal and the Indiana Capital Chronicle, had stories this week about aggressive offers from the Indiana Economic Development Corp. to pick up land for the proposed LEAP Lebanon Innovation and Research District in Boone County. The district idea, seen as a crossroads for major advanced manufacturing midway between Indianapolis and Purdue, has been running into reluctance from farmers and other property owners near the I-65 and U.S. 52 split near Lebanon. (This is the same spot the state is looking to feed with millions of gallons of water a day pumped and pipelined from southern Tippecanoe County.)
Indiana Capital Chronicle reporter Whitney Downard had this piece March 6: “IEDC spends $126M on Boone County land purchases — so far.”
IBJ reporter Peter Blanchard had this story on Friday: “IEDC paying premium for farmland for Boone County tech district.”
AND, SEMIFINALLY: Purdue gets Ohio State at 1 p.m. today in the semis of the Big Ten Tournament in Chicago.
For a look at what’s at stake, here’s Gold and Black reporter Mike Carmin with a preview on odds, what to look for and more. And here’s J&C reporter Sam King with what happened Friday afternoon in Purdue’s Big Ten Tournament opener: “Purdue basketball exorcises demons with win over Rutgers.”
AND, FINALLY: And so it begins, along Mitch Daniels Boulevard, where fresh, campus addresses between Grant Street and U.S. 231 were logged with the U.S. Postal Service last week …
AND, FINALLY/FINALLY: Daylight saving time, love it or hate it, starts a 2 a.m. Sunday. Set those clocks forward one hour.
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The thought of Buyer in prison orange makes me giddy with delight.