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Wednesday, June 11, 2014

Gupta Ordered to Report to Prison Next Week

After two years of legal battles, Westporter Rajat Gupta, the former Goldman Sachs Group Inc. director found guilty of insider trading, must report to prison next week after a U.S. Supreme Court justice rejected a last-ditch request. WestportNow.com Image
Rajat Gupta: has been free on $10 million bail. File photo

Justice Ruth Bader Ginsburg, making no comment, today refused to let Gupta, 65, remain free on $10 million bail at his Greens Farms home while he appeals his conviction.

Gupta is scheduled to surrender to prison authorities on Tuesday, June 17 to begin a two-year sentence.

Gupta, who is also a former McKinsey & Co. managing partner, is the highest-profile executive convicted in a crackdown on insider trading at hedge funds. He was found guilty in 2012 of passing illegal tips to billionaire Galleon Group LLC co-founder Raj Rajaratnam.

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