The U.S. Supreme Court on Monday left intact the 2012 insider trading conviction of former Goldman Sachs Group Inc(GS.N) director Rajat Gupta.
The court rejected Gupta's appeal of a March 2014 ruling by the New York-based 2nd U.S. Circuit Court of Appeals that had upheld the conviction.
The U.S. government used wiretap evidence to show that Gupta leaked news about Goldman's finances, including a crucial investment by Warren Buffett's Berkshire Hathaway Inc, by phone to Galleon Group hedge fund founder Raj Rajaratnam.
Gupta, 66, is serving a two-year prison sentence stemming from his conviction. He was also ordered to make $6 million in restitution to Goldman and pay a $5 million fine. Gupta is scheduled to be released from prison in March 2016.
Copyright Thomson Reuters. All rights reserved.
Get the Most Popular Lawyerherald Stories in a Weekly Newsletter
Join the Discussion
Related Articles
