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Rajat Gupta seeks to overturn his insider trading conviction

Gupta’s lawyers claim the admission of wiretaps of Raj Rajaratnam, and a lack of testimony about Gupta’s mental state, put him at a disadvantage

Rajat Gupta may be behind bars, but his legal saga is far from over. He is now seeking to overturn his June 2012 insider trading conviction on the basis that the admission of certain wiretapped conversations prejudiced his defense.

Gupta’s lawyers are appealing to the 2nd Circuit, claiming the former Goldman Sachs Group Inc. director was not party to these wiretaps of former hedge fund manager Raj Rajaratnam, with whom Gupta allegedly shared corporate secrets. Gupta’s lawyers claim that the wiretaps’ admittance, plus the court’s decision to limit testimony about Gupta’s state of mind, “decisively tipped the scales against him.”

Gupta claims that at the time of the alleged tip, he and Rajaratnam had a falling out over a $10 million investment, leaving Gupta with no incentive to help Rajaratnam.

Read more at the Wall Street Journal.


For more InsideCounsel coverage of Gupta’s case, see:

Gupta didn’t profit from Rajaratnam tips, lawyer says

Rajat Gupta sentenced to 2 years for insider trading

Bill Gates, Kofi Annan, others ask judge to be fair in Gupta sentencing

Gupta lawyer says another Goldman employee leaked Apple, Intel secrets

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