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March 27, 2014

Federal Court Rejects Gupta’s Appeal for New Trial

“Rajat K. Gupta, who was one of the world’s most admired corporate executives before insider trading charges derailed his career and threatened his freedom, hit another legal setback on Tuesday.”

“‘In a unanimous ruling, a federal appeals court rejected Mr. Gupta’s bid for a new trial, upholding a 2012 conviction that was a milestone in the government’s sweeping investigation into insider trading on Wall Street.’”

‘We conclude that none of the challenged rulings constituted an abuse of the court’s discretion and that a new trial is unwarranted,’ Amalya L. Kearse wrote on behalf of a three-judge panel of the United States Court of Appeals for the Second Circuit. The court, she wrote, found that there was ‘ample evidence’ that Mr. Gupta took part in a wider criminal conspiracy.”

“A jury convicted Mr. Gupta, a former Goldman Sachs director, of leaking the bank’s boardroom secrets to his hedge fund friend, Raj Rajaratnam. Mr. Gupta, also the retired head of the consulting firm McKinsey & Company, was the most prominent corporate executive ensnared in the government’s crackdown, which has produced 79 convictions without a single loss.”

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