Gupta, the former head of McKinsey & Co, the global consulting firm, was found guilty in June 2012 of passing confidential information about Goldman Sachs to his friend and business associate hedge fund founder Raj Rajaratnam just minutes after Gupta exited Goldman’s board meetings.
The prosecution had presented as evidence telephone records that showed that calls were made to Rajaratnam’s direct line from the conference room telephones where Gupta had participated in Goldman Sachs board meeting. The connection between Rajaratnam’s line and the telephone Gupta used lasted approximately 30 to 35 seconds. Gupta was sentenced to two years’ imprisonment, to be followed by a one-year term of supervised release, and was ordered to pay a fine of $5,000,000. Gupta had been free on bail pending decision on his appeal. In an amended judgement entered in February 2013, Gupta was also ordered to pay restitution to the amount of $6.22 million, an order that is the subject of a separate appeal that has been held pending decision of the present appeal. In the present appeal, Gupta had challenged his conviction, contending that he is entitled to a new trial on the grounds that the trial court erred by admitting statements of a co-conspirator, recorded in wiretapped telephone conversations to which Gupta was not a party, and by excluding relevant evidence offered by him. The appeals court said it “disagrees” with Gupta’s argument that the trial court was wrong. (PTI)