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
Ranchi: Jharkhand High Court on Wednesday extended till May 8 the stay order given against the arrest of industrialist Pawan Kumar Dhoot, who as an independent candidate is accused in the horse trading issue during 2012 Rajya Sabha polls. After hearing petitions of Dhoot and another industrialist Sunil Maheswari, the single bench of Justice RR Prasad extended the stay against their arrest, but asked them to surrender to the CBI...
10:10 PM, May 01, 2013
Singapore: Gold ticked up on Monday, holding near its highest level in more than a week, as a rebound in prices from a 2-year trough failed to curb investor appetite for the precious metal. Spot gold had risen $1.15 an ounce to $1,463.65 by 0025 GMT, having posted its biggest weekly gain in three months last week. Gold plunged to around $1,321 on April 16, its lowest in more than...
09:21 AM, Apr 29, 2013
New York: US stocks fell in a broad market selloff on Wednesday, led by a sharp drop in Apple shares on worries about slowing demand for its products and weaker-than-expected results from Bank of America that battered the financial sector. Apple Inc slid 5.5 per cent to $402.80 after falling below $400 for the first time since December 2011. A key supplier, chipmaker Cirrus Logic , gave a disappointing revenue...
04:23 AM, Apr 18, 2013
Manhattan US Attorney Preet Bharara has proven adept with the media, landing on the cover of Time magazine and being named the latest "Sheriff of Wall Street" by the financial press. The chief federal prosecutor for the Southern District of New York was back in the limelight on Tuesday, announcing charges against state Senator Malcolm Smith, a Democrat, and five other politicians in a plot to buy his way onto...
10:59 PM, Apr 03, 2013
Raj Rajaratnam's younger brother was indicted on charges of conspiring in the insider-trading scheme for which the founder of the Galleon Group hedge fund was convicted nearly two years ago, US prosecutors announced on Thursday. ...
05:58 AM, Mar 22, 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
A tragedy of Greek proportions, this is the story of an Indian icon at the centre of the biggest insider trading case in the history of the United States of America. On 24 October 2012, Rajat Gupta, former head of the worlds most respected management consultancy firm, McKinsey & Co., was sentenced to two years in prison by a New York court for securities fraud and insider trading. Why did...
06:18 PM, Feb 25, 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
Justifying his recommendation for dissolution of the Jharkhand Assembly and fresh elections in the state, caretaker Chief Minister Arjun Munda on Wednesday questioned why some political parties were demanding time from the Governor to form an alternative government if they had the numbers. ...
04:34 PM, Jan 16, 2013
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. ...
02:47 AM, Dec 05, 2012
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. ...
11:29 AM, Nov 29, 2012
Key controls for "detection of suspicious trading activity" failed at an India outsourcing unit, contributing to $ 2.3-billion loss caused by a rogue trader of global banking giant UBS, a joint probe by British and Swiss regulators has found. This is the third instance when outsourcing of key oversight jobs by global banks (British giants HSBC and Standard Chartered being the other two) to India has come under the regulatory...
10:51 AM, Nov 27, 2012
New York: The US government has asked a court in New York to slap a maximum penalty of $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading. Weeks after the former Goldman Sachs Director was handed down a two-year jail term and fined $5 million by...
09:38 PM, Nov 16, 2012
Mumbai: The "muhurat" trading session will be conducted for 75 minutes on Tuesday, the Diwali day, on leading bourses NSE and BSE. The special trading session would be conducted to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity. It would also mark the new year for traders as per the Hindu calendar, or Samwat 2069. The tradition of muhurat trading dates back over a century. Trading would...
08:26 PM, Nov 12, 2012
This week on World View with Suhasini Haidar we take a detailed look at the Rajat Gupta sentencing, 10-day countdown to US Elections:, highlights of 3rd Obama-Romney debate. ...
02:38 PM, Oct 26, 2012
Mumbai: Industrialist Rahul Bajaj on Thursday welcomed the relatively lenient two-year jail term which a US court awarded to former McKinsey head Rajat Gupta for insider trading. "Under the American law, there was no way his request for community service without going to jail (would have been accepted). We knew he will go to jail...two years is a light sentence and we must thank the judge," the Bajaj Auto chairman...
10:47 PM, Oct 25, 2012
Rajat Gupta, a former Goldman Sachs and Procter & Gamble Company board member, was sentenced on Wednesday to two years in prison for feeding inside information about board dealings with a billionaire hedge fund owner who was his friend. ...
09:33 PM, Oct 25, 2012
