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Insider Trading Case: Rajat Gupta's Conviction Upheld By U.S. Court
NEW YORK: In a setback to India-born former Goldman Sachs director Rajat Gupta, a US court on Tuesday sentenced him to two years in prison and denied his bid for a new trial after upholding his conviction on insider trading charges, ruling that there is no merit in his appeal.
The three-judge bench of the US Court of Appeals for the Second Circuit said in its order said that the earlier ruling by Judge Jed Rakoff of the US District Court for the Southern District, convicting Gupta, 65, of securities fraud and conspiracy to commit securities fraud, is "affirmed."
"We have considered all of Gupta's arguments on this appeal and have found them to be without merit. The judgement of the district court is affirmed," the order said.
Gupta, the former head of McKinsey & Co, the global consulting firm, was found guilty in June 2012 of passing confidential information about Goldman Sachs to his friend and business associate hedge fund founder Raj Rajaratnam just minutes after Gupta exited Goldman's board meetings.
The prosecution had presented as evidence telephone records that showed that calls were made to Rajaratnam's direct line from the conference room telephones where Gupta had participated in Goldman Sachs board meeting.
The connection between Rajaratnam's line and the telephone Gupta used lasted approximately 30 to 35 seconds.
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Source: PTI
