India-born former Goldman Sachs director Rajat Gupta, who had lost his appeal to overturn his conviction on insider trading charges, has been ordered to surrender and begin his two-year prison sentence in June.
"Upon consent of the parties, the Court hereby orders the defendant to surrender for service of his sentence at the institution designated by the Bureau of Prisons not later than 2:00 p.m. on June 17, 2014," US District Judge Jed Rakoff said in his order.
On March 25, a US court upheld the 2012 conviction of 65-year-old Gupta on insider trading charges for supplying confidential information to jailed hedge fund boss Raj Rajaratnam.
The Harvard-educated Gupta had suffered a major setback a district denied his bid for a new trial, ruling that there was no merit in Gupta's appeal.
Gupta was found guilty in June 2012 of passing confidential information about Goldman Sachs to his friend and business associate Rajaratnam just minutes after Gupta exited Goldman's board meetings.
Gupta was sentenced to two years' imprisonment, to be followed by a one-year term of supervised release, and was ordered to pay a fine of USD 5,000,000. He had been free on bail pending decision on his appeal.
"We conclude that Gupta's contentions lack merit, and we affirm the judgement," the order said.
The prosecution had presented as evidence telephone records that showed that calls were made to Rajaratnam's direct line from the conference room telephones where Gupta had participated in Goldman Sachs board meeting.
The connection between Rajaratnam's line and the telephone Gupta used lasted approximately 30 to 35 seconds. Gupta had challenged his conviction, contending that he is entitled to a new trial on the grounds that the trial court erred by admitting statements of a co-conspirator, recorded in wiretapped telephone conversations to which Gupta was not a party, and by excluding relevant evidence offered by Gupta.
The appeals court said it "disagrees" with Gupta's arguement that the trial court was wrong in allowing at his trial an October 24, 2008 wiretapped conversation between Rajaratnam and David Lau, a Singapore-based portfolio manager at Galleon and a September 24 conversation with his trader Ian Horowitz.
In the October call, Rajaratnam told Lau that he "heard yesterday from somebody who is on the board of Goldman Sachs, that they are going to lose two dollars per share." Gupta's lawyers said there was no evidence that Lau had ever traded in Goldman stock. They also say that Gupta was never a participant in these calls.
"On appeal, Gupta argues principally that Rajaratnam's wiretapped conversations with Horowitz and Lau were inadmissible hearsay; that the trial court erred in curtailing evidence proffered by Gupta in his defence; and that the errors, either singly or in combination, entitle him to a new trial....We disagree," the appeals court had ruled.
Earlier this month, Gupta had petitioned that the appeals court reconsider its decision to uphold his verdict and rehear the case, arguing that "critical evidence" in his favour was excluded at trial.
Gupta had filed a 70-page petition with the US Court of Appeals for the Second Circuit seeking "panel rehearing and rehearing en banc", saying that in "rejecting two of his challenges to the exclusion of critical evidence in his case, the panel misapprehended several points" about the insider trading case against him.
Gupta had been fighting a lengthy legal battle ever since a federal jury found him guilty on insider trading charges in June 2012. He had not only asked the court to throw out his conviction but also that he should not be required to pay a hefty USD 13.9 million penalty in a parallel insider trading case brought against him by the US Securities and Exchange Commission.
In court papers, his lawyers had said that Gupta is being required to pay more than USD 25 million in fines, restitution, and penalties as a result of the criminal and civil proceedings against him, describing the penalties as a "heavy price" to pay for an "isolated" and "dramatic deviation" from a lifetime that has been otherwise marked by "outstanding professional accomplishment".
Gupta's conviction marked his stunning fall from grace as the poster boy of Indian-American success on Wall Street to a criminal accused of abusing his position as a director on some of the biggest US firms.
The charges against Gupta were brought by India-born Manahttan's top federal prosecutor Preet Bharara, who has so far had an unbreakable record of securing over 79 convictions against Wall Street tycoons on charges of insider trading.
Gupta's friend and business associate Raj Rajaratnam, who had made millions of dollars of profit through illegal tips passed to him by Gupta, is currently serving an 11 year prison sentence at the Federal Medical Centre Devens in Ayer, Massachusetts.
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