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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