Following his conviction on insider trading charges, former Indiana Congressman Steve Buyer's legal team has appealed to the judge for a sentence that avoids jail time. Buyer, 64, was found guilty in March on four counts of securities fraud related to trades he executed while working as a consultant and lobbyist after leaving Congress in 2011.

The charges stem from Buyer's involvement in the 2018 T-Mobile and Sprint merger, a $26.5 billion deal, and subsequent stock acquisitions in Navigant, a management consulting company, just before its acquisition by Guidehouse, a client of Buyer's. While federal guidelines suggest a prison sentence of approximately three years, Buyer's lawyers argue for home confinement and community service instead.

They emphasize the significant repercussions Buyer has already faced, including reputational damage, loss of clients, and the collapse of his businesses, resulting in a dramatic drop in income. The conviction will also lead to the revocation of his law licenses in Virginia and Indiana, effectively ending his career advising Fortune 500 companies. Furthermore, Buyer has incurred substantial legal fees, forcing him and his wife to liquidate assets, including their home and vehicles. His wife, at 65, now faces the prospect of returning to work.

Buyer's lawyers highlight the financial strain caused by closed bank and investment accounts, as well as cancelled credit cards. They argue that a non-custodial sentence would be appropriate, citing cases where individuals with clean records convicted of insider trading avoided prison. They point out that over 70% of sentences in similar cases are less than two years.

During the trial, the prosecution argued that Buyer's clients shared confidential information with him due to his consulting work. Buyer's defense team, however, maintained that his profitable trades were the result of his own stock market research. Buyer himself testified in his defense. Authorities allege that Buyer illegally profited over $320,000, benefiting himself, family members, and a woman with whom he had an extramarital affair.

U.S. Rep. Steve Buyer announces he will not seek re-election during a news conference in Indianapolis, on Jan. 29, 2010. (AP Photo/AJ Mast, File)