RAJAT GUPTA

WORLD

Rajat Gupta to appeal against insider trading conviction

May 21, 2013, 10:27 pm | Press Trust of India WORLD

New York: India-born former Goldman Sachs director Rajat Gupta will seek overturning of his insider-trading conviction in a US court today by arguing that the case rested exclusively on circumstantial evidence that relied on wiretap statements that did not involve him. The US Court of Appeals for the Second Circuit in New York will hear arguments from Gupta, who was convicted last year of sharing corporate secrets and is on bail pending the appeal. Gupta, in October last year, was handed down a two-year prison term by US District Court Judge Jed Rakoff, who also ordered him to pay a $5 million fine. He was ordered to serve a year of supervised release after the end of his prison

BUSINESS

Rajat Gupta to appeal against insider trading conviction

May 21, 2013, 10:27 pm | Press Trust of India BUSINESS

New York: India-born former Goldman Sachs director Rajat Gupta will seek overturning of his insider-trading conviction in a US court today by arguing that the case rested exclusively on circumstantial evidence that relied on wiretap statements that did not involve him. The US Court of Appeals for the Second Circuit in New York will hear arguments from Gupta, who was convicted last year of sharing corporate secrets and is on bail pending the appeal. Gupta, in October last year, was handed down a two-year prison term by US District Court Judge Jed Rakoff, who also ordered him to pay a $5 million fine. He was ordered to serve a year of supervised release after the end of his prison

WORLD

Rajat Gupta ordered to pay $6.22 million to Goldman Sachs

February 26, 2013, 6:03 am | Reuters WORLD

A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse $6.22 million to help the Wall Street bank cover its legal expenses related to his criminal insider trading case. Goldman had sought to recover $6.91 million, and US District Judge Jed Rakoff in Manhattan said the bank had proved it was entitled to 90 per cent of what it requested. Gupta, 64, is appealing his June 15, 2012 conviction and two-year prison term for feeding confidential information he had learned at Goldman board meetings to Raj Rajaratnam, the Galleon Group hedge fund manager and former billionaire. Rajaratnam has been a central figure in a multi-year US government crackdown on insider trading.

BOOKS

Rajat Gupta may win his appeal but I think his reputation is tarnished forever: Sandipan Deb

February 25, 2013, 6:18 pm | IBNLive.com BOOKS

A tragedy of Greek proportions, this is the story of an Indian icon at the centre of the biggest insider trading case in the history of the United States of America. On 24 October 2012, Rajat Gupta, former head of the worlds most respected management consultancy firm, McKinsey & Co., was sentenced to two years in prison by a New York court for securities fraud and insider trading. Why did this happen? Based on extensive research, including transcripts of FBI-wiretap conversations, Fallen Angel is an insightful account of a remarkable man and the extraordinary events surrounding him: this is the real story of Rajat Gupta, an orphaned immigrant from India who managed to reach dizzying heights in the US corporate

WORLD

Insider trading: Rajat Gupta seeks conviction reversal

January 23, 2013, 1:40 am | Reuters WORLD

New York: Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta are urging a federal appeals court to reverse his insider trading conviction, arguing that a judge shouldn't have allowed wiretaps to be heard at trial. In a brief filed on Friday at the 2nd US Circuit Court of Appeals in New York, Gupta's lawyers argued wiretaps of now-imprisoned hedge fund manager Raj Rajaratnam amounted to "hearsay statements" and should not have been presented to the jury. "Without a proper basis for admission, these untestable, unreliable hearsay statements had no place in a criminal trial, and their admission alone compels reversal," Gupta's lawyers wrote. A federal jury convicted Gupta, 64, in June of leaking Goldman

WORLD

Rajaratnam agrees to pay $1.5 million in SEC case

December 27, 2012, 12:57 pm | Reuters WORLD

New York: US hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed. Rajaratnam would make the payment, representing the profits obtained by unlawful means, to the SEC within 90 days after the entry of the final judgment in court records, according to a filing. Rajaratnam, currently serving a 11-year prison term, was convicted of securities fraud and conspiracy in May 2011. He was accused of running a network of friends and associates who leaked corporate secrets to him for years. Former Goldman Sachs Group Inc. director Rajat Gupta, a former

WORLD

Insider trading: Rajat Gupta to stay free on bail, says court

December 5, 2012, 2:47 am | Reuters WORLD

New York: Former Goldman Sachs Group Inc board member Rajat Gupta can remain free on bail while he appeals his insider-trading conviction, an appeals court ruled on Tuesday. Gupta had been scheduled to surrender on January 8 to start a two-year prison sentence. But after hearing arguments from Gupta's lawyer and prosecutors, a two-judge panel of the 2nd US Circuit Court of Appeals in New York granted Gupta's request to stay out of prison. "Motion is granted," said Judge Jose Cabranes in a ruling from the bench. Gupta, 64, was convicted in June of leaking Goldman boardroom secrets to Raj Rajaratnam, the Galleon Group hedge-fund manager at the center of a US government crackdown on insider trading

WORLD

US court to hear Rajat Gupta's plea to delay surrender

November 29, 2012, 11:29 am | Press Trust of India WORLD

New York: A US court has agreed to hear next week a bid by India-born former Goldman Sachs Director Rajat Gupta to delay his surrender to federal prison and remain free on bail while he challenges his conviction on insider-trading charges. The Court of Appeals for the Second Circuit in New York said arguments on the motion filed by Gupta for a stay of his January 8 surrender date and for release on bail pending appeal would be heard on December 4. Gupta, 63, was sentenced to two years in prison by US District Judge Jed Rakoff on insider trading charges and was scheduled to begin his prison term on January 8. Federal prosecutors have asked the appeals court

WORLD

Rajat Gupta asked to pay $15 million as penalty

November 16, 2012, 9:38 pm | Press Trust of India WORLD

New York: The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading. Weeks after the former Goldman Sachs Director was handed down a two-year jail term and fined $5 million by US District Judge Jed Rakoff, the US Securities and Exchange Commission (SEC) said he should be ordered to pay a maximum civil penalty of $15 million, which would be thrice the $5 million in gains and losses avoided as a result of his "illegal conduct". Gupta, 63, who is

WORLD

Rahul Bajaj happy about lenient sentence to Rajat Gupta

October 25, 2012, 10:47 pm | Press Trust of India WORLD

Mumbai: Industrialist Rahul Bajaj on Thursday welcomed the relatively lenient two-year jail term which a US court awarded to former McKinsey head Rajat Gupta for insider trading. "Under the American law, there was no way his request for community service without going to jail (would have been accepted). We knew he will go to jail...two years is a light sentence and we must thank the judge," the Bajaj Auto chairman said here, when asked for reaction. Bajaj added that doing something like insider trading was "height of stupidity" which finished Gupta's career and hurt his family. The key message for businessmen, including the ones from India, was "don't make such mistakes, don't be greedy, don't be stupid," according to

BUSINESS

Insider trading: Rajat Gupta regrets damage to reputation

October 25, 2012, 6:38 pm | CNN-IBN BUSINESS

New York: It's a fall from grace for a man who had built himself a reputation as a humanitarian. Fallen Wall Street tycoon Rajat Gupta was sentenced to two years in prison on Thursday and a five million dollar fine was imposed for securities fraud and insider trading, the judge, refusing to be lenient despite appeals from influential people like Bill Clinton, Bill Gates and Kofi Annan. In the end, Gupta spoke out in court for the first time. "I regret terribly the impact of this matter on my family, my friends and the institutions that are dear to me. I have lost my reputation I built for a lifetime. The verdict was devastating," he said. The US

WORLD

Insider trading: Rajat Gupta regrets damage to reputation

October 25, 2012, 6:38 pm | CNN-IBN WORLD

New York: It's a fall from grace for a man who had built himself a reputation as a humanitarian. Fallen Wall Street tycoon Rajat Gupta was sentenced to two years in prison on Thursday and a five million dollar fine was imposed for securities fraud and insider trading, the judge, refusing to be lenient despite appeals from influential people like Bill Clinton, Bill Gates and Kofi Annan. In the end, Gupta spoke out in court for the first time. "I regret terribly the impact of this matter on my family, my friends and the institutions that are dear to me. I have lost my reputation I built for a lifetime. The verdict was devastating," he said. The US

WORLD

Rajat Gupta a good man: Judge before sentencing

October 25, 2012, 10:40 am | Agencies WORLD

New York: US District Court Judge Jed Rakoff, who sentenced Rajat Gupta, the former Goldman Sachs and Procter & Gamble Co. board member once widely respected worldwide for his business smarts, to two years in prison and also ordered him to pay a $5 million fine, on multiple occasions gave Gupta credit for his life of philanthropic works. He said at the heart of Gupta's offences is his "egregious breach of trust." "He is a good man," Rakoff said. "But the history of this country and the history of the world is full of examples of good men who did bad things." Rakoff said the evidence that Gupta passed illegal information about Goldman Sachs to now-jailed hedge fund founder

WORLD

US: Rajat Gupta awaits sentence in insider case

October 24, 2012, 12:10 pm | Reuters WORLD

New York: The sentencing on Wednesday of fallen Wall Street titan Rajat Gupta for insider trading could come down to whether a judge agrees that his lifetime of charity counts against sending him to prison. The former Goldman Sachs Group Inc (GS.N) board member was convicted in June of leaking boardroom secrets to hedge fund manager Raj Rajaratnam, his friend and former business associate, at the height of the financial crisis. Gupta, 63, is to be sentenced by Manhattan US District Judge Jed Rakoff, who oversaw the four-week trial. The former Goldman director, who also once ran the McKinsey & Co consulting firm and sat on the boards of Procter & Gamble Co (PG.N) and American Airlines, is

WORLD

Rajat Gupta's fate to be sealed on Wednesday

October 23, 2012, 7:52 pm | Press Trust of India WORLD

New York: Former Goldman Sachs director Rajat Gupta will be sentenced in New York on Wednesday by a US judge on insider trading charges a year after the Indian-American Wall Street executive was charged with passing boardroom secrets to the now imprisoned hedge fund founder Raj Rajaratnam. The Prosecution has sought a prison term of 8-10 years for the 63-year-old Gupta who was convicted by a jury in June this year in a closely followed trial on three counts of securities fraud and one count of conspiracy. His sentencing by US District Judge Jed Rakoff comes exactly a year after Manhattan's top federal attorney India-born Preet Bharara filed insider trading charges against the former McKinsey head. Gupta, the