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Tuesday, March 25, 2014

Federal Appeals Court Upholds Rajat Gupta Conviction

A federal appeals court in Manhattan today upheld the insider trading conviction of Westport’s Rajat Gupta. WestportNow.com Image
Rajat Gupta: free on $10 million bail. File photo

The former Goldman Sachs and Procter & Gamble board member, a resident of the Greens Farms area, has been free on $10 million bail since his June 2012 conviction of conspiracy and securities fraud. He was sentenced to two years in prison and ordered to pay a $5 million fine and $6.2 million in restitution.

The three-judge panel of the 2nd U.S. Circuit Court of Appeals ruled that Gupta was fairly convicted of conspiracy and securities fraud. Prosecutors said he fed tips about Goldman to billionaire hedge-fund manager Raj Rajaratnam.

Gupta’s s lawyer, Seth Waxman, said he is very disappointed with the decision, believes his client deserves a new trial and is closely reviewing the opinion with an eye toward an appeal.

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