NEW YORK — A former Indiana congressman ought to spend no time in jail after his insider buying and selling conviction, his legal professionals informed a decide Wednesday.

Steve Buyer, 64, of Noblesville, Indiana, was convicted by a jury in Manhattan federal courtroom in March of 4 securities fraud costs after a two-week trial for inventory trades he made whereas working as a marketing consultant and lobbyist after he completed serving in Congress from 1993 to 2011.

He was convicted in reference to insider buying and selling involving the $26.5 billion merger of T-Mobile and Sprint, introduced in April 2018, and inventory purchases he made at a later time within the administration consulting firm Navigant when his consumer Guidehouse was set to amass it in a deal publicly disclosed weeks later.

Federal sentencing tips name for him to serve a jail sentence of about three years, although judges often depart downward from the suggestions.

His legal professionals wrote in a submission forward of a July 11 sentencing that the Republican ought to face solely house confinement and group service.

The lawyer and Persian Gulf War veteran as soon as chaired the House Veterans’ Affairs committee and served as a House prosecutor at former President Bill Clinton’s 1998 impeachment trial.

Buyer’s attorneys informed the decide who will sentence their consumer that Buyer has suffered considerably on account of the prosecution and conviction.

The case has “irreparably damaged his reputation, tarnished his achievements and lifetime of service, and continue to bring shame and humiliation to him and his family,” the legal professionals mentioned.

They mentioned he misplaced all of his consulting purchasers after he was indicted and his two companies “crumbled,” erasing common yearly gross earnings of about $2.2 million that existed from 2018 to 2021. Now, they produce no earnings, the legal professionals mentioned.

As a results of the conviction, he'll lose his Virginia and Indiana bar licenses, and he can by no means once more seek the advice of for and advise Fortune 500 firms or any others the place he may have entry to insider info, they mentioned.

“The cost of litigation has also been substantial, causing Mr. Buyer and his wife to sell most of their assets, including their home, condo, and two cars,” the legal professionals mentioned. His spouse should return to work at age 65, they added.

In addition, 4 monetary establishments have closed or frozen his financial institution accounts, together with his funding accounts, and two bank card firms have closed his accounts, the legal professionals mentioned.

The attorneys mentioned a sentence that doesn't embrace jail time wouldn't be uncommon as a result of greater than a 3rd of people convicted of insider buying and selling costs who beforehand had a clear report confronted no jail time. And over 70 % of the sentences had been lower than two years in size, they mentioned.

At trial, prosecutors mentioned his purchasers had been motivated to share profitable secrets and techniques with him as a result of they wished his assist as a marketing consultant.

Defense legal professionals contended that he was a inventory market buff who did analysis that led to authorized worthwhile trades. Buyer testified on his personal behalf.

Buyer remodeled $320,000 illegally for himself, family members and a girl with whom he had an affair, authorities mentioned.

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