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The US Supreme Court on Wednesday rejected former Goldman Sachs director Rajat Gupta’s application to remain free while he appeals his insider-trading conviction.
Gupta must now surrender at a designated prison on June 17, next Tuesday, to begin his two-year term ordered by a federal judge in Manhattan in October 2012.
Supreme Court justice Ruth Bader Ginsberg offered no comments while dismissing Gupta’s appeal.
Gupta’s lawyers have said they won’t re-appeal, which they can. But re-appeals have a poor record of succeeding in Supreme Court, according to legal experts.Gupta had asked the court to let him remain free on bail for the duration of his appeal, arguing he would have served out half his sentence by the time his appeal was upheld.
A federal appeals court affirmed his conviction in March. But he has now appealed for the case against him to be reheard. If he is denied, his lawyers plan to go to the apex court.
Gupta’s defense team has challenged the validity of wire taps used, and being denied the chance to present his good character as evidence in his support.
For now, Gupta is likely headed for a prison in Otisville, about 110 km from New York City.
Gupta will not be entitled to parole, but inmates are known to serve out only 85% of their terms in such cases, which could mean Gupta will be out in 21 months.