2nd Circ. Affirms Gupta Insider Trading Conviction

Law360, New York (March 25, 2014, 2:10 PM EDT) -- Former Goldman Sachs Group Inc. director Rajat Gupta, one of the most high-profile defendants targeted in a government crackdown on insider trading, must serve two years in prison and pay a $5 million fine thanks to evidence gained from the wiretapped phone of an associate, the Second Circuit affirmed on Tuesday.

Gupta, a business luminary best known for his stint as the first non-U.S. born leader of the multinational consultancy McKinsey & Co., was found to have passed tips from private Goldman board meetings to hedge...
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