Gupta Conviction Upheld

Jul 15 2014 | 12:42pm ET

Rajat Gupta will spend more than just a month in prison after a federal appeals court refused to throw out his conviction on insider-trading charges.

The U.S. Second Circuit Court of Appeals in New York yesterday said it would not reconsider a March decision by a three-judge panel to uphold Gupta’s 2012 conviction. The court did not say why it had refused his appeal.

Gupta reported to prison last month to begin a two-year sentence for passing tips about Goldman Sachs—on whose board he sat—to Galleon Group founder Raj Rajaratnam, himself serving an 11-year sentence. The former McKinsey & Co. chief can still appeal his conviction to the U.S. Supreme Court.

Gupta’s lawyers argued that prosecutors should not have been allowed to present wiretap evidence during his trial, and also questioned the jury instructions.

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