You are using an older browser version. Please use a supported version for the best MSN experience.

Rajat Gupta seeks to avoid prison with Supreme Court plea

LiveMint logoLiveMint 11-06-2014 Bob Van Voris

Manhattan:Rajat Gupta, the former director of Goldman Sachs who was found guilty of insider trading in 2012, asked the US Supreme Court to allow him to remain free on bail so he doesn’t have to report to prison next week.

Gupta, who was also the former managing partner at McKinsey and Co., Inc. is the highest-profile executive convicted in a US crackdown on insider trading in hedge funds. He was found guilty of passing illegal tips to billionaire Raj Rajaratnam, co-fouder of Galleon Group Llc. Gupta is scheduled to surrender to prison authorities on 17 June and begin a two-year sentence.

Gupta asked justice Ruth Bader Ginsburg for an order continuing his bail while he appeals the conviction. Gupta argued, in papers filed with the court on Tuesday, that there’s no risk of him fleeing and that he’s likely to win by the Supreme Court appeal based on legal errors he claims were made in his case.

Gupta, 65, said that if the Supreme Court agrees to review his conviction after he reports to prison, he’ll have served at least half the two-year sentence before his case is decided.

A federal appeals court in New York affirmed Gupta’s conviction in March. The court is considering his request to rehear the case.

Gupta claimed wiretaps used in the case against him were improperly admitted. He also argued that he should have been permitted to present evidence of his good character to the jury.

Raj Rajaratnam was separately convicted and is serving an 11-year sentence in a federal medical prison in Ayer, Massachusetts. His brother, Rengan Rajaratnam, begins trial on criminal insider trading charges on 17 June, the day Gupta is scheduled to begin serving his prison sentence. Bloomberg

More From LiveMint

image beaconimage beaconimage beacon