If Rajat Gupta is to see his insider-trading conviction overturned, he’ll have to do so from behind bars.
The former McKinsey & Co. chief, who was convicted in 2012 of passing confidential information about Goldman Sachs to Galleon Group founder Raj Rajaratnam, was ordered to begin his two-year prison term on June 17. A federal appeals court in New York on Friday rejected his request to remain free on bail pending his appeal to the U.S. Supreme Court.
Gupta served on Goldman’s board and was convicted of passing confidential information about the bank to Rajaratnam, who is serving an 11-year prison term himself. In March, Gupta’s conviction was upheld by the federal appeals court in Manhattan.