New York: Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta sought to reverse his insider-trading conviction on Tuesday, arguing that wiretap evidence used by the prosecution should not have been introduced at trial.
Defense lawyer Seth Waxman told the 2nd US Circuit Court of Appeals in New York that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence.
Gupta himself was not heard on the wiretaps, which are instead conversations between convicted Galleon Group manager Raj Rajaratnam and other employees at the hedge fund.
"Those wiretaps should never have been admitted," Waxman told a three-judge panel of the appeals court....
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07:04 AM, May 22, 2013
New York: India-born former Goldman Sachs director Rajat Gupta will seek overturning of his insider-trading conviction in a US court today by arguing that the case rested exclusively on circumstantial evidence that relied on wiretap statements that did not involve him. The US Court of Appeals for the Second Circuit in New York will hear arguments from Gupta, who was convicted last year of sharing corporate secrets and is on...
10:27 PM, May 21, 2013
Goldman Sachs dropped Apple off its list of most highly recommended stocks Tuesday as it joined other analysts in reducing expectations for a company that hasn't had a revolutionary new product since the iPad in 2010. ...
01:48 PM, Apr 03, 2013
A federal judge on Monday ordered former Goldman Sachs Group Inc director Rajat Gupta to reimburse $6.22 million to help the Wall Street bank cover its legal expenses related to his criminal insider trading case. ...
06:03 AM, Feb 26, 2013
Lawyers for former Goldman Sachs Group Inc board member Rajat Gupta are urging a federal appeals court to reverse his insider trading conviction, arguing that a judge shouldn't have allowed wiretaps to be heard at trial. ...
01:40 AM, Jan 23, 2013
Morgan Stanley plans to cut 1,600 employees starting this week, two people familiar with the matter said on January 9, in the latest sign of a pullback on Wall Street as revenue from trading and deal-making remains in the doldrums. The staff reduction pertains to Morgan Stanley's institutional securities unit - which includes sales, trading and investment banking, and whose staff will be reduced 6 per cent - as well...
11:49 AM, Jan 10, 2013
Bharti Infratel, backed by billionaire Sunil Mittal, fell as much as 12.7 per cent in its trading debut after raising about $760 million in India's biggest IPO in two years, weighed down by a cautious outlook for mobile tower operators. The IPO, priced near the lower end of an indicative price range, struggled to find interest from retail investors and was supported mostly by foreign institutional investors. But analysts are...
11:27 AM, Dec 28, 2012
US hedge fund manager Raj Rajaratnam has agreed to pay disgorgement of about $1.5 million in a civil lawsuit filed by the Securities and Exchange Commission, and to waive his right to appeal the judgment, court papers showed. Rajaratnam would make the payment, representing the profits obtained by unlawful means, to the SEC within 90 days after the entry of the final judgment in court records, according to a filing....
12:57 PM, Dec 27, 2012
New York: Former Goldman Sachs Group Inc board member Rajat Gupta can remain free on bail while he appeals his insider-trading conviction, an appeals court ruled on Tuesday. Gupta had been scheduled to surrender on January 8 to start a two-year prison sentence. But after hearing arguments from Gupta's lawyer and prosecutors, a two-judge panel of the 2nd US Circuit Court of Appeals in New York granted Gupta's request to...
02:47 AM, Dec 05, 2012
New York: A US court has agreed to hear next week a bid by India-born former Goldman Sachs Director Rajat Gupta to delay his surrender to federal prison and remain free on bail while he challenges his conviction on insider-trading charges. The Court of Appeals for the Second Circuit in New York said arguments on the motion filed by Gupta for a stay of his January 8 surrender date and...
11:29 AM, Nov 29, 2012
Mumbai: Goldman Sachs raised India to 'overweight' from 'market-weight', citing growth recovery and inflation moderation ahead. The investment bank pegged December 2013 Nifty target at 6,600 points. "Reform initiatives and changes in government leadership this fall have created a sense of optimism among the domestic investor base for the first time in over a year, and the risk of policy missteps in 2013 has been lowered," said Goldman Sachs in...
09:59 AM, Nov 29, 2012
New York: The sentencing on Wednesday of fallen Wall Street titan Rajat Gupta for insider trading could come down to whether a judge agrees that his lifetime of charity counts against sending him to prison. The former Goldman Sachs Group Inc (GS.N) board member was convicted in June of leaking boardroom secrets to hedge fund manager Raj Rajaratnam, his friend and former business associate, at the height of the financial...
12:10 PM, Oct 24, 2012
New York: Former Goldman Sachs director Rajat Gupta will be sentenced in New York on Wednesday by a US judge on insider trading charges a year after the Indian-American Wall Street executive was charged with passing boardroom secrets to the now imprisoned hedge fund founder Raj Rajaratnam. The Prosecution has sought a prison term of 8-10 years for the 63-year-old Gupta who was convicted by a jury in June this...
07:52 PM, Oct 23, 2012
New York: Former Goldman Sachs Group Inc board member Rajat Gupta deserves to spend eight to 10 years in prison for his "shocking" insider-trading crimes, US prosecutors said in court papers on Wednesday. Gupta, who is also a former head of management consultancy McKinsey & Co, is set to be sentenced on October 24 in US District Court in Manhattan. He was found guilty in June of leaking Goldman boardroom...
09:06 AM, Oct 18, 2012
New York: Goldman Sachs' India-born former director Rajat Gupta is seeking a sentence of probation accompanied by "rigorous" community service, according to court documents submitted by his lawyer a week before a federal judge here sentences him on his conviction on insider trading charges. In a 99-page sentencing memorandum submitted in federal court on Wednesday, Gupta's lawyer Gary Naftalis requested that the "court impose a sentence of probation with the...
01:41 AM, Oct 18, 2012
New York: Bill Gates and Kofi Annan are among several prominent businessmen and humanitarians asking a US judge to show fairness when he sentences former Goldman Sachs Group Inc board member Rajat Gupta for his insider trading conviction later this month. Gupta, 63, the most influential and best-known corporate figure to be caught in a broad insider trading crackdown of the last four years, moved in elite business and philanthropic...
09:48 AM, Oct 13, 2012
Hong Kong: Investment banks and brokerages across Asia have launched a sweeping round of job cuts as Europe's debt crisis and China's economic slowdown bite into the region's financial activity. Speaking to bankers and other industry sources, Reuters was able to confirm at least 50 people were let go in the past three weeks, a cull that includes senior expatriates as well as junior bankers. The cuts mainly target the...
10:57 AM, Jun 25, 2012
London/Charlotte: Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp...
08:19 AM, Jun 22, 2012
Goldman Sachs has paid for the bulk of former board member Rajat Gupta's legal defence in an insider trading case that ended in his conviction, the New York Times reported, citing two people with direct knowledge of the matter. Gupta, a consummate business insider who also sat on the board of Procter & Gamble, was convicted on Friday of leaking secrets about Goldman at the height of the financial crisis,...
11:05 AM, Jun 19, 2012
New York: The jury, which convicted one of the most prominent Indian-Americans in the US Rajat Gupta of securities fraud, said it wanted him to walk a free man after the trial, but the evidence against him and his "need for greed" was just too "overwhelming". Former Goldman Sachs director Gupta, 63, sat expressionless, flanked by his lawyers, in Manhattan federal court as the jury read out its guilty verdict...
02:16 PM, Jun 16, 2012
