Sentencing for former Indiana congressman postponed as prosecutors seek $1.4 million in restitution
NEW YORK (AP) — Federal prosecutors say a former Indiana congressman should pay nearly $1.4 million to cover the legal bills of companies forced to incur expenses when he was prosecuted on insider trading charges. But his lawyer said Thursday it’s an exorbitant amount to demand from a man already suffering financially.
U.S. District Judge Richard M. Berman postponed Steve Buyer’s sentencing until July 31. He asked the Probation Department to analyze the $349,846 that prosecutors say Buyer should forfeit as crime proceeds and another $1.39 million he would owe for the legal costs of two companies. Sentencing had been set for next week.
Buyer, 64, a Republican from Noblesville, Indiana,
A presentence submission from the defense last month maintained that Buyer, who once made as much as $2.2 million in a year, has suffered so much from the cost of litigation that he and his wife have sold most of their assets, including their home, condo and two cars, and his wife will have to return to the workforce at age 65.
During the trial, prosecutors said Buyer’s clients were motivated to share lucrative secrets with him because they wanted his help as a consultant.
Defense lawyers contended that he was a stock market buff who did research that led to legal profitable trades. Buyer testified on his own behalf.