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Insider Trading Case: Rajat Gupta's Conviction Upheld By U.S. Court
In the October call, Rajaratnam told Lau that he "heard yesterday from somebody who is on the board of Goldman Sachs, that they are going to lose two dollars per share."
Gupta's lawyers said there was no evidence that Lau had ever traded in Goldman stock. They also say that Gupta was never a participant in these calls.
"On appeal, Gupta argues principally that Rajaratnam's wiretapped conversations with Horowitz and Lau were inadmissible hearsay; that the trial court erred in curtailing evidence proffered by Gupta in his defencee; and that the errors, either singly or in combination, entitle him to a new trial... We disagree," the appeals court ruled.
Judges said that evidence was supported by Rajaratnam's statements in the wake of those trades, to Horowitz and Lau. They concluded that under Federal Rules of Evidence, Rajaratnam's statements in conversations with Lau and Horowitz were admissible both as non-hearsay statements in furtherance of the Rajaratnam-Gupta conspiracy and under the exception for statements against penal interest.
"We see no error or abuse of discretion in the district court's admission of the statements by Rajaratnam in his two telephone conversations with Horowitz," they said.
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Source: PTI
