- In March, a Manhattan court found former congressman Steve Buyer, 64, of Noblesville, Indiana, guilty of insider trading.
- Buyer was found guilty in relation to the T-Mobile and Sprint merger as well as other stock transactions he made later on.
- His attorneys want him to avoid any jail time, even though the federal sentencing guidelines call for him to serve a sentence of about three years.
After being found guilty of insider trading, a former congressman from Indiana should not serve any time behind bars, his attorneys told the judge on Wednesday.
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After a two-week trial for stock trades he made while working as a consultant and lobbyist after he left office in Congress from 1993 to 2011, Steve Buyer, 64, of Noblesville, Indiana, was found guilty of four counts of securities fraud in Manhattan federal court in March. He served in Congress from 1993 to 2011.
He was found guilty of insider trading in relation to the $26.5 billion T-Mobile and Sprint merger that was announced in April 2018 as well as stock purchases he made later on in the management consulting firm Navigant when his client Guidehouse was about to acquire it in a deal that was made public a few weeks later.
He should spend nearly three years in jail, according to federal sentencing guidelines, though judges routinely deviate from the standards’ recommendations.
Prior to the Republican’s July 11 sentence, his attorneys submitted a memorandum arguing that the Republican should simply get house detention and community service.
The attorney and veteran of the Persian Gulf War once presided over the House Veterans Affairs Committee and participated in the impeachment trial of former President Bill Clinton in 1998 as a House prosecutor.
The prosecution and conviction of Buyer have caused their client significant harm, according to the judge who will punish him.
According to the attorneys, the situation has “irreparably damaged his reputation, tarnished his accomplishments and lifetime of service, and continue to bring shame and humiliation to him and his family.”
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On January 29, 2010, U.S. Representative Steve Buyer announced at a news conference in Indianapolis that he will not run for re-election. (AJ Mast, File/AP Photo)They claimed that after being indicted, he lost all of his consulting clients, and that his two firms “crumbled,” wiping away his $2.2 million in annual gross income from 2018 to 2021. The solicitors said that they are now not profitable.
He will lose his Virginia and Indiana bar licences as a result of the conviction, and he will never again be able to consult with or advise Fortune 500 corporations or any other organisations where he would have access to insider information, they claimed.
According to the attorneys, “the cost of litigation has also been significant, forcing Mr. Buyer and his wife to sell the majority of their assets, including their home, condo, and two cars.” They noted that at age 65, his wife will have to start working again.
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In addition, the lawyers claimed that two credit card firms had cancelled his accounts and that four financial institutions had suspended or closed his bank accounts, including his investment accounts.
A sentence without prison time, according to the defence attorneys, would not be exceptional because no prison time was meted out to more than one-third of those convicted of insider trading who had previously maintained a clean record. Furthermore, they claimed that more than 70% of the penalties were shorter than two years in length.
Prosecutors said during the trial that his clients were driven to divulge profitable secrets to him in exchange for his consulting services.
Defence attorneys argued that he was an enthusiast of the stock market who conducted research that resulted in ethically sound trades. Buyer gave his own testimony.
According to police, Buyer made almost $320,000 unlawfully for himself, family members, and a woman with whom he had an affair.
