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HindustanTimes Wed,01 Oct 2014

Goldman insider trading: Rajat Gupta loses appeal, to remain in jail

HT Correspondent, Hindustan Times  Washington, July 15, 2014
First Published: 23:30 IST(15/7/2014) | Last Updated: 02:25 IST(16/7/2014)

Jailed Goldman Sachs director Rajat Gupta failed to get his conviction overturned yet again, losing his appeal before the full bench of a US court in New York on Monday.

In a brief order, the court upheld his conviction by a three-judge bench of the same court in March.

Gupta, had challenged his conviction arguing the trial court erred by allowing state to use wiretaps against him, and by instructing the jury to ignore Gupta’s personal character.

He can still go to the Supreme Court, which had earlier refused him bail for the duration of his appeal.

GoldmanThe Indian-born was held guilty in 2012 of passing insider information about Goldman Sachs to billionaire hedge fund owner Raj Rajaratnam.

Rajaratnam was convicted in 2011 and is serving a 11-year jail term. His younger brother Rengan was acquitted by a New York court last week, ending Preet Bharara’s run of insider trading convictions.

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