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Rajat Gupta to Appeal Insider Trading Conviction

May 21, 2013
Jing Chen

Former Goldman Sachs board member Rajat Gupta is appealing his insider trading conviction.

The Wall Street Journal reported that Gupta, who is currently serving a two-year sentence, is asking the federal appeals court to overturn his conviction because he claims that the wiretaps used were improperly used as evidence. 

Prosecutors convicted Gupta last year with providing his longtime friend Raj Rajaratnam with insider information about Goldman Sachs and Proctor and Gamble on several occasions from March 2007 to January 2009 while Gupta served on the boards of both corporations. Rajaratnam, the head of now-defunct hedge fund Galleon Group, is serving an 11-year sentence in a Massachusetts federal prison for another insider trading operation that netted about $64 million in profits.

Gupta was ordered by a federal judge Monday to pay Goldman Sachs more than $6.2 million to cover its legal expenses in connection to his insider trading case.

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