Tuesday, 21 October 2014
Last updated 3 hours ago
Mar 26 2014 | 10:40am ET
A federal appeals court in New York has rejected former McKinsey & Co. chief Rajat Gupta’s bid for a new trial.
Gupta was convicted in 2012 of passing tips about Goldman Sachs—where he served as a director—to Galleon Group founder Raj Rajaratnam. The jury in that case heard wiretapped conversations in which Rajaratnam, who has also been convicted of insider-trading, boasted about an unnamed Goldman insider feeding him information. Prosecutors had no tapes of talks between Rajaratnam and Gupta himself.
Gupta’s lawyers told the U.S. Second Circuit Court of Appeals that the wiretaps should not have been admitted in the trial. But none of the three judges on the panel hearing the appeal agreed, unanimously rejecting Gupta’s request for a new trial.
“We conclude that none of the challenged rulings constituted an abuse of the court’s discretion and that a new trial is unwarranted,” U.S. Circuit Judge Amalya Kearse wrote. The court added that there was “ample evidence” that Gupta was part of a criminal conspiracy involving Rajaratnam.
It is unclear whether Gupta plans to appeal the Second Circuit panel’s decision. Sentenced to two years in prison, he currently remains free on bail.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...