In Inside Trading Trial Ex-rep Buyer
Is Quoted on Joint Trading Accounts with
Wife and Son
By Matthew
Russell Lee, Light
Read, Patreon
SDNY COURTHOUSE,
March 4 -- On
July 25, 2022
the SDNY
prosecutors
unsealed an
indictment of
ex Rep Stephen
Buyer for
illegal
trading on two
mergers.
On
July 27, Buyer
accompanied by
his wife was
in Courtroom
17B of 500
Pearl Street
to be
arraigned.
Inner City
Press live
tweeted it here.
On
March 1, 2023,
the trial
began with
opening
arguments.
Inner City
Press live
tweeted here.
On
March 2,
T-Mobile
executive (and
plus 2 hadicap
amateur
golfer, he
pointed out)
Anthony Russo
was on the
stand. On
direct
examination he
said Buyer
trading stock
would have
been
inappropriate
under
T-Mobile's
insider
trading rules.
With
the jury out
of the room,
Buyer's lawyer
asked for a
mistrial.
Judge Berman
asked for
briefing,
saying he
didn't want to
prejudge. He
pointed out at
the indictment
does speak of
stock sales,
and not only
purchases.
Buyer's lawyer
insisted on
the dates of
crime listed
in the
indictment.
Inner City
Press will
cover the
filings - for
now, thread here
Inner City
Press will
continue to
cover the
trial. More
with analysis
on Substack here
Early on March
3, the US
filed
opposition to
Buyer's motion
for a
mistrial,
arguing among
other things
that "the
defendant’s
suggestion
that the
Government
“purposefully
elicited
testimony
about a crime
Mr. Buyer has
not been
charged with”
(Dkt. 85 at 2)
should be
dismissed out
of hand. As
reflected in
the
transcript,
the date range
on the
Government’s
question was
added, in the
moment, at the
request of the
defendant.
(Tr.
346:12-13).
There was
certainly no
targeted
effort to
“convict Mr.
Buyer on the
basis of
conduct that
falls outside
the grand
jury’s
indictment.”
(Dkt. 85 at
2)." Full
letter on
Patreon here.
In
court on March
3, an
interview of
Buyer was
recounted,
second-hand
through notes.
Alonso
objected,
calling it
hearsay. Judge
Berman
overruled the
objection. And
so it went
into evidence
that Buyer
said he had
joint trading
accounts with
his wife
Joannie and
another with
his son. Past
recollection
recorded...
The trial will
continue on
March 6, and
Inner City
Press will be
there.
As
to T-Mobile,
the two week
trial against
the proposed
T-Mobile /
Sprint merger
ended on
December 20,
2019 before U.S.
District Court
for the
Southern
District of
New York Judge
Victor
Marrero. There
were papers
due January 8,
and a final
four hour
argument on
January 15.
Inner City
Press began
what will be a
trial-long
live-tweet, here.
Day 7 Patreon
here.
Back
on August 31,
Judge Richard
M. Berman held
a US v. Buyer
proceeding,
ranging from
the so-called
filter team to
trial dates,
most likely in
February 2023.
Inner City
Press live
tweeted here
On
November 23,
Judge Berman
ruled on a
discovery
dispute and
concluded,
"Cut it out" -
"Counsel for
both sides
should be
aware that the
Court is not
fond of "tit
for
tat"litigation.
Cut it out.
(Signed by
Judge Richard
M. Berman on
11/23/2022)."
On
November 30
Judge Berman
to his credit
set the
December 7
oral argument
to be virtual,
since the
defendant -
whose right it
is - did not
object: "ORDER
as to Stephen
Buyer. The
oral argument
scheduled for
Wednesday,
December 7,
2022 at 11:00
AM - in the
absence of
defense
objection - is
being held by
video."
Opinion
(than and
now): More
judges should
do this, as
they do in
civil cases.
But
it was
converted to
in-person, on
December 14.
Inner City
Press there, thread
On
February 12,
2023, Buyer's
counsel wrote
to seek to
exclude
another other
things text
messages:
" The
exhibits at
issue are GX
402, a series
of text
messages
between Mr.
Buyer and
Individual-1
from August
18, 2016
through
October 23,
2017 (before
the events in
the
indictment);
GX 401, which
contains a
series of
texts between
the two from
2021 (long
after the
events in the
indictment);
and GX 306, an
email in which
Mr. Buyer sent
photos of
Individual-1’s
daughter’s
wedding in
2019 and wrote
“you are
beautiful.”
Other topics
discussed are
hot-button
political
topics like
abortion
(Individual-1
stridently
expressed that
she is
pro-life and
was very
negative about
pro-choice
women) and
political
debates
including
admiration for
former Vice
President Mike
Pence (GX
402),
discussions of
getting
together and
phrases like
“miss you” (GX
401). Notably,
GX 402, which
the government
told us it
intends to
offer, is 383
pages long.
Adding to the
prejudice is
that within
the text
strings and in
his phone,
Individual-1
is referred to
by what the
government
says is a code
name, “Leo.”
This code name
also shows up
in a series of
documents (GX
413-15) that
the government
also seeks to
introduce,
which contain
nothing but
Mr. Buyer’s
passwords from
his iPhone,
many of which
contain the
string “leo.”
There is no
reason to
offer any of
this other
than to tar
Mr. Buyer with
the stink of
infidelity and
conservative
political
beliefs."
Next,
there was a
February 15
conference,
which Inner
City Press
live tweeted
here:
OK
- now a
conference in
US v ex-Rep
Steve Buyer.
Judge Berman
says, "This
rolling
process is not
acceptable. No
more motions
in limine?"
Buyer's
counsel from
Orrick replies
that he just
wants to make
sure he can
object to
evidence at
trial.
Judge
Berman: Are
you seriously
asking that?
A: I just,
uh... Judge: I
assume you
know. Now the
trial is moved
back a week to
Feb 28
Buyer's
counsel: Can
we store
defense stuff
in the
courtroom or
nearby? Judge
Berman: You
may have to
take care of
that yourself.
No printers or
copiers in the
courtroom. But
we'll talk
about it.
Buyer's
counsel: We
get it. We can
deal with the
new trial
date.
Judge
Berman asks
why the
defense needs
to bring seven
laptops in,
and then it's
over. For now.
This
case is US v.
Buyer,
22-cr-397
(Berman)
Watch
@InnerCityPress.
***
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