A U.S. federal court on Friday rejected the India-born former Goldman Sachs director Rajat Gupta's appeal to overturn his two-year sentence and conviction on insider trading.
Gupta plead that there was “insufficient” evidence of him receiving “personal benefit” in exchange for providing tips.
District Judge Jed Rakoff said in a 9-page ruling issued yesterday in the Southern District Court that Gupta’s argument that the evidence of personal benefits presented at the trial was insufficient to sustain his conviction calling it “both too late and too little“.
Gupta was convicted in 2012 of passing confidential boardroom information to now jailed hedge fund founder Raj Rajaratnam. He appealed his conviction on various grounds, but the U.S. Federal Court of Appeals and even the Supreme Court rejected his arguments and affirmed the conviction.
