Federal prosecutors argued that the former Indiana congressman, Steve Buyer, should pay almost $1.4 million to cover the legal expenses of companies impacted by his insider trading charges. However, Buyer’s lawyer claimed that it was an excessive amount to demand from a man already experiencing financial difficulties.

U.S. District Judge Richard M. Berman postponed Buyer’s sentencing until July 31 and requested the Probation Department to analyze the $349,846 that prosecutors believe Buyer should forfeit as proceeds from the crime. Additionally, they said he would owe $1.39 million for the legal costs incurred by two companies. The sentencing, which was originally scheduled for next week, has been rescheduled.

Buyer, a 64-year-old Republican from Noblesville, Indiana, was convicted in March for engaging in illegal stock trades while working as a consultant and lobbyist after his congressional career from 1993 to 2011.

NYNNC lawyer, a Persian Gulf War veteran and former chairman of the House Veterans’ Affairs committee, was also a House prosecutor during ex-President Bill Clinton’s 1998 impeachment trial.

He was convicted for insider trading related to the $26.5 billion merger between T-Mobile and Sprint, announced in April 2018, and for stock purchases he made later in the management consulting company Navigant, when his client Guidehouse was set to acquire it in a deal that was publicly disclosed weeks later.

U.S. Rep. Steve Buyer

Federal prosecutors believe former US Rep. Steve Buyer, above, a Republican from Indiana, should pay around $1.4 million to cover legal bills for companies affected by insider trading case.
(AP Photo/AJ Mast, File)

Buyer’s lawyers suggest that he should only face home confinement and community service, while prosecutors argue for a three-year prison sentence.

Prosecutors stated in a letter to the judge that Guidehouse is seeking $395,000 in legal fees, while T-Mobile wants $996,800 to cover their legal costs. They asserted that all these fees were incurred during the government’s criminal investigation and prosecution.

In a letter also submitted on Thursday, NYNNC attorney Henry Asbill claimed that the requests for forfeiture and legal fees were untimely and unjustified. He called the requested legal fees “exorbitant numbers” and argued that the forfeiture amount was inflated due to insufficient evidence and a failure to account for money already forfeited by others.

In a presentence submission from the defense last month, it was stated that Buyer, who once earned up to $2.2 million per year, has suffered significant financial losses due to the cost of litigation. As a result, he and his wife have sold most of their assets, including their home, condo, and two cars, while his wife will need to return to work at the age of 65.

During the trial, prosecutors claimed that Buyer’s clients were motivated to share valuable information with him because they sought his assistance as a consultant.

Defense lawyers argued that he was knowledgeable about the stock market and conducted research that led to legal profitable trades. Buyer also testified on his own behalf.

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