Ex-Goldman Director says conviction should now be thrown out

Prison Bars

Former Goldman Sachs director Rajat Gupta said his insider-trading conviction should be thrown out because prosecutors failed to prove their case under a sweeping appeals court ruling last year.

Bloomberg News reports that now serving a two-year prison sentence for insider trading, Gupta claimed the government didn't show he got a personal benefit for passing tips to billionaire friend Raj Rajaratnam.

Prosecutors must prove that element, the U.S. Court of Appeals in New York ruled in December, in a blow to a series of cases won by Manhattan U.S. Attorney Preet Bharara.

Gupta, 66, also a former McKinsey & Co. Managing Partner, is the highest-profile executive convicted in the U.S. crackdown on insider trading at hedge funds and lost earlier bids to reverse the 2012 verdict.

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Ex-Goldman Director Gupta Says Conviction Should Be Tossed

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