© Reuters. FILE PHOTO: Former U.S. Congressman Stephen Purchaser arrives for his insider buying and selling trial at the US Courthouse within the Manhattan borough of New York Metropolis, U.S., March 8, 2023. REUTERS/Brendan McDermid/File Picture
(Reuters) – Former U.S. Congressman Stephen Purchaser was sentenced to 22 months in jail on Tuesday for buying and selling on inside info he discovered in 2018 as a advisor to T-Cellular US (NASDAQ:) Inc forward of its $23 billion merger with Dash.
U.S. District Decide Richard Berman in New York sentenced Purchaser, who was discovered responsible on 4 counts of securities fraud at a trial in March. Purchaser was a Republican from Indiana within the U.S. Home of Representatives between 1993 and 2011 earlier than working as a company advisor.
Prosecutors stated at trial that Purchaser purchased Dash inventory after studying from a T-Cellular govt that the telecommunications corporations had been in merger talks in 2018 and made unlawful trades once more the next 12 months.
In response to prosecutors, Purchaser made greater than $100,000 from the Dash trades and greater than $200,000 from shopping for inventory in Navigant Consulting Inc. earlier than it was acquired by Guidehouse in 2019.
Purchaser took the stand at trial and denied buying and selling on inside info. He has stated he plans to file an enchantment.
Prosecutors sought three years in jail for Purchaser in court docket filings, saying that he had abused his shoppers’ belief and lied on the stand.
Purchaser requested to be sentenced to residence confinement, citing his service in Congress and the U.S. army.
The case is U.S. v. Purchaser, No. 22-00397, U.S. District Courtroom, Southern District of New York.
