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Insider Trading Case: Rajat Gupta's Conviction Upheld By U.S. Court
Gupta was sentenced to two years' imprisonment, to be followed by a one-year term of supervised release, and was ordered to pay a fine of US $5,000,000. Gupta had been free on bail pending decision on his appeal.
In an amended judgement entered in February 2013, Gupta was also ordered to pay restitution to the amount of US $6.22 million, an order that is the subject of a separate appeal that has been held pending decision of the present appeal.
In the present appeal, Gupta had challenged his conviction, contending that he is entitled to a new trial on the grounds that the trial court erred by admitting statements of a co-conspirator, recorded in wiretapped telephone conversations to which Gupta was not a party, and by excluding relevant evidence offered by him.
The appeals court said it "disagrees" with Gupta's argument that the trial court was wrong in allowing at his trial an October 24, 2008 wiretapped conversation between Sri Lanka-born Rajaratnam and David Lau, a Singapore-based portfolio manager at Galleon and a September 24 conversation with his trader Ian Horowitz.
The appeals court said in the 51-page ruling the government's "circumstantial evidence" that Gupta passed confidential information to Rajaratnam on September 23 and October 23, 2008 - at the time of financial crisis - was "strong".
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Source: PTI
