Rajat Gupta files appeal against conviction

  • PTI, New York
  • |
  • Updated: Nov 16, 2012 11:13 IST

India-born former Goldman Sachs director Rajat Gupta, who was handed down a two-year prison sentence on insider trading charges by a US court, has filed an appeal against his conviction.

Gupta, 63, is seeking to overturn his conviction on charges of conspiracy and securities fraud.

According to the appeal filed by his lawyer Gary Naftalis in a district court in New York, Gupta's "appeal concerns conviction only."

The former McKinsey head is one of the most high-profile Wall Street executives to be convicted by the US government in its widespread probe of insider trading.

He was convicted on charges of providing information to now-imprisoned hedge fund founder Raj Rajaratnam about billionaire Warren Buffet's proposed $5 billion investment in Goldman Sachs in September 2008, apart from other important financial tidbits.

At the sentencing, Naftalis had said his client would appeal. The judge who sentenced Gupta denied Naftalis' bid to have him freed on bail pending the appeal, which could have lasted as long as two years.

 

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