President Donald Trump has pardoned former Indiana Republican Rep. Stephen Buyer, who was convicted in 2023 of insider trading charges tied to stock purchases he made while working as a consultant after leaving Congress. The pardon, first reported by ABC News, wipes away a conviction that sent the former nine-term lawmaker to federal prison.
Buyer, 66, served in the U.S. House from 1993 to 2011, representing Indiana's 4th Congressional District. He was a Gulf War veteran and a JAG officer in the Army Reserve who rose to prominence during the Clinton impeachment proceedings as one of the House managers presenting the case to the Senate. After leaving office, he moved into consulting and lobbying work in Washington.
Federal prosecutors in the Southern District of New York charged Buyer with securities fraud in 2022. The government alleged that Buyer used confidential information he obtained through his consulting work to make profitable stock trades. Specifically, prosecutors said Buyer learned through his work for T-Mobile that the company planned to acquire Sprint, and he bought Sprint stock before the deal became public.
Prosecutors also alleged Buyer made trades in Mylan N.V. stock based on inside information about a merger involving that company. The government said Buyer earned roughly $320,000 in illicit profits from the trades.
Buyer denied wrongdoing and took the case to trial. His defense argued that his trades were based on publicly available information and his own research, not insider tips. A federal jury in Manhattan convicted him in March 2023 on all counts of securities fraud.
U.S. District Judge Richard Berman sentenced Buyer in August 2023 to 22 months in federal prison. The judge also ordered Buyer to pay a fine and forfeiture. Buyer reported to a federal prison camp to begin serving his sentence.
Buyer's legal team appealed the conviction, arguing that the trial court made errors. That appeal was pending when the pardon came through. The pardon renders the appeal moot and eliminates the conviction entirely.
The Buyer pardon fits into a broader pattern of clemency actions Trump has taken since returning to office. The president has issued pardons and commutations in a range of cases, including for allies and supporters convicted of various federal offenses. Trump has used his pardon power aggressively, drawing praise from supporters who see the federal justice system as overzealous and criticism from opponents who say he is undermining the rule of law.
Buyer had been a Trump supporter. He attended Trump's first inauguration in 2017 and maintained ties to Republican circles in Washington after his congressional career ended.
During his nine terms in the House, Buyer built a reputation as a defense hawk and a reliable conservative vote. He chaired the House Veterans' Affairs Committee and played a visible role in national security debates. His military background gave him credibility on defense issues, and his legal training shaped his approach to oversight work.
His most prominent moment on the national stage came during the 1998 impeachment of President Bill Clinton. Buyer served as one of the House managers who argued the case for Clinton's removal before the Senate. He delivered portions of the prosecution's argument during the Senate trial, earning him national media attention.
After leaving Congress, Buyer registered as a lobbyist and consultant, working with pharmaceutical and telecommunications clients. It was through that consulting work that prosecutors said he gained access to the nonpublic information that led to his insider trading charges.
The pardon drew mixed reactions. Buyer's supporters argued that the prosecution was heavy-handed and that the former congressman had already paid a steep price through his conviction, imprisonment, and the destruction of his professional reputation. Critics said the pardon sends a troubling signal about accountability for financial crimes committed by politically connected individuals.
A presidential pardon under Article II of the Constitution eliminates the legal consequences of a federal conviction. It restores civil rights lost upon conviction, including the right to vote and hold office. It does not, however, erase the fact of the conviction from the historical record or constitute a finding of innocence.
Buyer's case had been closely watched in Washington legal circles because it involved a former member of Congress and raised questions about the line between legitimate consulting work and the misuse of confidential business information. Securities law prohibits trading on material nonpublic information obtained through a relationship of trust or confidence.
With the pardon in hand, Buyer is a free man with no federal conviction hanging over him. His appeal becomes unnecessary. Any remaining financial obligations tied to the sentence could be affected by the scope of the pardon, though the precise terms of the clemency grant will determine those details.
Buyer has not made a public statement about the pardon. His attorneys had maintained throughout the case that he was innocent and that the government overreached in bringing charges.
The pardon power exists for moments exactly like this, or so its defenders say. Whether a former congressman's insider trading conviction qualifies as the kind of injustice that warrants presidential intervention is a question that will follow this decision long after the paperwork is signed.
