New York : India-born former Goldman Sachs director Rajat Gupta seeking to set aside his conviction on insider trading charges has said his friendship with jailed hedge fund founder Raj Rajaratnam does not prove he received personal gain by passing on classified information,
reports PTI.
The IIT and Harvard-educated 66-year-old former McKinsey head – currently serving a two-year jail term on insider trading charges – filed a reply in federal court here last week in support of his motion to vacate his sentence, set aside the judgement against him and discharge him from prison. Gupta said his conviction on insider trading charges “cannot stand” as the government prosecuted him on the basis of his friendship with billionaire Rajaratnam that does not prove he received personal gain in return for passing confidential information. The Second Circuit court of appeals said that for an insider trading conviction, prosecutors must show that a defendant received a personal benefit for passing illegal tips.