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Wednesday, December 05, 2012

Gupta Can Remain Free on $10 Million Bond

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Westporter Rajat Gupta can remain free on $10 million bond while he fights his insider-trading conviction, a federal appeals court has ruled. WestportNow.com Image
Rajat Gupta: Full appeal months off. File photo

U.S. Circuit Judge Jose Cabranes issued the ruling at the conclusion of Tuesday’s hearing in the U.S. Court of Appeals in New York.

Gupta, 64, who was in court accompanied by his wife, Anita, and their four daughters, challenged a ruling by U.S. District Judge Jed Rakoff in Manhattan that he surrender to prison on Jan. 8 and begin serving his two-year sentence.

After Cabranes announced his decision, Gupta’s wife burst into tears and his daughters patted their father on the back.

The ruling was a rare and swift ruling by the appeals court granting a criminal defendant’s request to remain free while they challenged the conviction, according to legal experts.

Former Westporter Martha Stewart, who served five months in prison for obstructing justice, was permitted to remain free pending her appeal by U.S. District Judge Miriam Cedarbaum. Stewart later decided to serve her prison term before her appeal was heard.

Cabranes said that the appeal would probably be accelerated and that Gupta’s full appeal could be argued in either April or May.

Posted 12/05 at 01:49 PM

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