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Ex-Goldman honcho Gupta headed to prison

By
Reuters
Published May 30, 2014, 10:02 p.m. ET

Former Goldman Sachs director Rajat Gupta will begin serving a two-year prison term on June 17 after a federal appeals court rejected his bid to stay free while he appeals his insider trading conviction.

In a brief order on Friday, the US Court of Appeals for the 2nd Circuit in New York rejected a request by Gupta to delay his surrender and remain free on bail.

Gupta, 65, was convicted in June 2012 of feeding tips from Goldman board meetings to friend Raj Rajaratnam, founder of the Galleon Group hedge fund firm.

Evidence included a 2008 phone call, just before Goldman announced a $5 billion investment from Warren Buffett’s Berkshire Hathaway, in which Rajaratnam was heard telling a trader that he learned
from a source, who prosecutors said was Gupta, that “something good might happen to Goldman.”

A three-judge 2nd Circuit panel rejected Gupta’s appeal on March 25.

Gupta sought to stay out of prison while the full 2nd Circuit Court — and perhaps the US Supreme Court — reviewed his case.