Rajat Gupta Seeks Re-Hearing Of Insider Trading Conviction

Wednesday, 09 April 2014, 23:00 IST
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New York: India-born former Goldman Sachs director Rajat Gupta has petitioned that a three-judge panel, which upheld his conviction on insider trading charges, should reconsider its decision and the court rehear the case, arguing that “critical evidence” in his favour was excluded at trial.

Gupta filed a 70-page petition with the U.S. Court of Appeals for the Second Circuit yesterday seeking “panel rehearing and rehearing en banc”, saying in “rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points” about the insider trading case against him.

“If the panel declines to reconsider its decision, the Court should rehear the case en banc,” the petition added.

In a unanimous ruling last month, the panel of the appeals court had rejected Gupta’s bid for a new trial and upheld his 2012 conviction and sentence.

After a federal jury found Gupta guilty in 2012 of passing confidential boardroom information to his hedge fund friend Raj Rajaratnam, he was sentenced to two years in prison, ordered to pay $5 million in fine and a separate $6 million in restitution to Goldman Sachs.
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Source: PTI
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