Former Goldman Sachs director Rajat Gupta on Tuesday asked a federal appeals court to reverse his insider-trading conviction, challenging the validity of evidence used against him.
Gupta’s lawyers told a three-judge panel of the 2nd Circuit Court of appeals wiretaps used against him by the prosecution amounted to hearsay evidence.
“Those wiretaps should never have been admitted,” said Seth Waxman. Gupta’s lawyers also argued that his daughter was prevented from deposing in his favour.
They have sought a retrial.
Gupta was convicted in July 2012 of one count of conspiracy and three of securities fraud. He was sentenced in November two years in jail, but is free on appeal.
Gupta’s wife Anita Gupta and their four daughters were in court for the hour-long proceeding, as they had been for every hearing leading up to his conviction.
Rajat Gupta’s directorship at Goldman Sachs and Procter & Gamble (P&G) came under scrutiny because of his business ties with Sri Lankan born hedge fund billionaire Raj Rajaratnman, who has been convicted of insider trading charges.