Rajat Gupta lost appeal to overturn conviction sentence in June for insider trading charges
Rajat Gupta (Photo : DC)
New York : India born former Goldman Sachs director Rajat Gupta, who had lost his appeal to overturn his conviction on insider trading charges, has been ordered to surrender and begin his two year prison sentence in June. “Upon consent of the parties, the Court hereby orders the defendant to surrender for service of his sentence at the institution designated by the Bureau of Prisons not later than 2:00 p.m. on June 17, 2014,” US district judge Jed Rakoff said in his order.
On March 25, a US court upheld the 2012 conviction of 65 year old Gupta on insider trading charges for supplying confidential information to jailed hedge fund boss Raj Rajaratnam. The Harvard educated Gupta had suffered a major setback a district denied his bid for a new trial, ruling that there was no merit in Mr Gupta’s appeal. Mr Gupta was found guilty in June 2012 of passing confidential information about Goldman Sachs to his friend and business associate Rajaratnam just minutes after Mr Gupta exited Goldman’s board meetings.
Mr Gupta was sentenced to two years' imprisonment, to be followed by a one year term of supervised release, and was ordered to pay a fine of $5,000,000. He had been free on bail pending decision on his appeal. “We conclude that Gupta's contentions lack merit, and we affirm the judgement," the order said. The prosecution had presented as evidence telephone records that showed that calls were made to Rajaratnam’s direct line from the conference room telephones where Gupta had participated in Goldman Sachs board meeting.
( Source : PTI )
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