NRI Pulse

US Supreme Court rejects Rajat Gupta's appeal against conviction

Washington, April 20 (IANS) The US Supreme Court on Monday upheld the 2012 conviction of Rajat Gupta, the former Indian-American director of Goldman Sachs Group, in an insider trading case.

Gupta, the highest-profile executive convicted in a US crackdown on insider trading by Manhattan’s Indian-American prosecutor Preet Bharara, was accused of passing illegal tips to billionaire Galleon Group co-founder Raj Rajaratnam.

The tips included news about Goldman Sachs results and a $5 billion investment from Warren Buffett.

Gupta, 66, is currently serving a two-year term in a US federal jail. He was also ordered to pay a $5 million fine.

Gupta’s jail term is to end in March 2016.

He was convicted in June 2012 for passing to Raj Rajaratnam, a Sri Lankan-American former hedge fund manager and founder of the Galleon Group, confidential information he obtained from Goldman Sachs board meetings.

The high court rejected Gupta’s appeal of a March 2014 ruling by the New York-based lower court that had upheld his conviction.

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