A former congressman from Indiana, Steve Buyer, who was convicted of insider trading charges, is seeking to avoid imprisonment, according to his lawyers’ submission to the court, Your Content has learned.
Buyer, 64, was found guilty by a jury in Manhattan federal court earlier this year on four counts of securities fraud.
The charges stemmed from his stock trades conducted while working as a consultant and lobbyist after his tenure in Congress from 1993 to 2011.
Buyer’s conviction was related to insider trading surrounding the $26.5 billion merger between T-Mobile and Sprint, announced in April 2018.
He was also involved in purchasing stocks from the management consulting firm Navigant, which was later acquired by his client Guidehouse, with the deal being publicly disclosed weeks later.
Federal guidelines suggest a prison term of approximately three years, but Buyer’s legal team argues that he should only be subjected to home confinement and community service.
In their submission ahead of the sentencing scheduled for July 11, the lawyers emphasized the detrimental impact the prosecution and conviction have had on Buyer.
They claimed that his reputation has been irreparably damaged, tarnishing his lifetime of service and causing shame and humiliation to him and his family.
The lawyers further highlighted the financial consequences faced by Buyer, including the loss of his consulting clients after the indictment, the collapse of his two businesses, and the subsequent loss of an average annual income of $2.2 million from 2018 to 2021.
Additionally, they pointed out that Buyer will lose his bar licenses in Virginia and Indiana and will be permanently barred from consulting and advising Fortune 500 companies or any entities with access to insider information.
The defense team also detailed the significant financial strain resulting from the litigation, leading Buyer and his wife to sell most of their assets, including their home, condo, and vehicles.
Furthermore, several financial institutions and credit card companies have closed or frozen Buyer’s accounts.
The lawyers argued that a non-custodial sentence would not be unprecedented, citing statistics indicating that a considerable number of individuals convicted of insider trading charges with no prior criminal record were not sentenced to prison.
They further noted that more than 70 percent of such sentences were shorter than two years.
During the trial, prosecutors alleged that Buyer’s clients had a motive to share confidential information with him in exchange for his consulting services.
However, the defense argued that Buyer was merely an avid stock market researcher whose legal trades were driven by his own analysis.
Buyer testified in his defense during the trial.
Authorities stated that Buyer made illegal profits totaling over $320,000 for himself, relatives, and a woman with whom he was involved romantically, according AP News.