A US court has denied a bid by billionaire hedge fund founder Raj Rajaratnam, convicted in May this year on insider trading charges, to reverse the verdict handed by the jury in his case.
The SEC however added that "dismissing these proceedings will not prevent the Commission from filing an action against Gupta in United States District Court."
A US judge has ordered disgraced billionaire Raj Rajaratnam to pay over USD 92 million as penalty in the insider trading case filed against him by the US financial regulator, saying the "huge and brazen nature" of his fraud "cries out" for such an unprecedented fine.
Six months of investigation, mostly through telephone-tapping, 12 months of analysis of evidence and prosecution, 11 days of deliberation and, finally, a conviction.
He will be arraigned before US District Judge Jed Rakoff in the US District Court, Southern District of New York.
In the final part of the government rebuttal, US assistant attorney Jonathan Streeter contested claims made by defense attorney, John Dowd, that government witnesses told lies on the stand.
John Dowd, Rajaratnam's lawyer, asked the jury why Rajat Gupta, 62, would risk his entire career and reputation for nothing.
Galleon Group founder Raj Rajaratnam's defence team have rested their case in the biggest hedge fund insider trading trial in the US history. Rajaratnam's defence rested their case on Monday.
Former Intel executive and key government witness Rajiv Goel has said that he was not joking with Galleon Group founder Raj Rajaratnam when telling him about the dealings of his company.
Indian American Rajat Gupta, a former director at Goldman Sachs, had violated the firm's code of conduct by disclosing details from a 2008 board meeting to hedge fund manager Raj Rajaratnam, the main accused in the largest hedge fund insider trading case to hit US courts, the company CEO Lloyd Blankfein has testified.
Raj Rajaratnam made $4 million on Hilton stock in a single day after allegedly getting tips.
The central question of this insider trading case is whether the Sri Lankan born billionaire earned $45 million by using leaked confidential information.
Both the prosecution and defence made opening statements on the second day of the trial involving the Sri Lankan-born billionaire who faces charges of 14 counts of security fraud and conspiracy.
Blankfein will at the upcoming trial of Galleon hedge fund founder Raj Rajaratnam.
Raj Rajaratnam, the Galleon Group founder accused of masterminding the largest insider trading scam in the US history, has asked a judge to exclude some wiretaps from his trial next month, arguing they have little to do with the case.
Fifty-four-year-old Rajaratnam's prison sentence is scheduled to begin on December 5 at a federal penitentiary in Massachusetts.
Since April 25, 12 jury members have been deliberating on the 14 counts of securities fraud and conspiracy charges levied against the main accused Raj Rajaratnam.
Raj Rajaratnam's 11-year sentence might be far less than what United States District Attorney Preet Bharara sought, but the legal eagle and his team have won a "huge victory," felt Ravi Batra, another high-profile desi lawyer in Manhattan.
Raj Rajaratnam, the key accused in the biggest insider trading case in US history, worked hard to learn how the markets was operating and didn't need illegal tips to make money, a former executive of the hedge fund has testified.
Smith, who is the US government's third key witness in the case, had pleaded guilty in January.
Former McKinsey director Anil Kumar on Friday testified against his ex-Wharton classmate and Sri Lankan-born billionaire Raj Rajaratnam in the biggest insider trading case to hit US courts in decades.
Federal prosecutors said they will file fresh charges against Sri Lankan-born hedge fund operator Raj Rajaratnam alleging he made at least $36 million from the biggest insider trading case in US history, double what was previously thought.
Goldman Sachs' director Rajat Gupta tipped off Raj Rajaratnam, an accused in insider trading scam, about a deal between Buffett-led Berkshire Hathaway and the Wall Street giant, before the public announcement.
The US government is examining the possible role of Goldman Sachs and well-known investment banker Rajat Gupta in the Galleon hedge fund insider trading scam, says a media report.
Rajiv Goel, a former Indian American Intel executive, has said that he passed secret tips to his 'friend' Raj Rajaratnam, the main accused in the largest insider trading case to hit American courts in decades.
The US federal prosecutors have come up with fresh charges against Sri Lanka-born billionaire Raj Rajaratnam based on new information they received from co-defendants who pleaded guilty in what has been described as the largest insider trading scam in the United States' history.
Indian-American Anil Kumar, a former director of consulting firm McKinsey, has pleaded guilty to fraud charges in the largest insider trading case in the Untied States' history, admitting that he got $1 million for giving secret information to its alleged ringleader Raj Rajaratnam.
According to Fox News, Sri lankan-born Rajaratnam along with his co-conspirator Danielle Chiesi -- both of whom were indicted on December 15 on charges of using non-public information from company executives to earn around $21 million in illegal profits, entered their pleas before US District Judge Richard Holwell in Manhattan.
Sri lankan-born Rajaratnam along with his co-conspirator Danielle Chiesi was indicted on Tuesday on charges of using non-public information from company executives to earn around $21 million in illegal profits, according to the 37-page indictment.
Gupta was convicted of passing confidential information.
If convicted all of them face imprisonment of up to 20 years, according to the indictment, which reads that the defendants "routinely received inside information directly or indirectly from insiders and provided it to each other for the purpose of trading based on the information", filed in the US court.
The report by the Wall Street Journal said that this Tipper X is Thomas Hardin, a 32-year-old trader at hedge fund Lanexa Global Management.
Never invest in a company or an industry that you have never heard of even if you get a tip-off.
The Securities and Exchange Board of India said it is 'closely watching' investments made by New York-based hedge fund Galleon, whose Sri Lankan founder Raj Rajaratnam was arrested for alleged insider trading on Friday.
Rajat Gupta was convicted in 2012 of passing confidential boardroom information to now jailed hedge fund founder Raj Rajaratnam.
He was convicted in his 2012 trial of passing confidential boardroom information to his one-time friend and business associate Raj Rajaratnam
In its complaint filed in 2011, the SEC alleged that Gupta disclosed confidential information about Berkshire Hathaway Inc's $5 billion investment in Goldman Sachs
The memoir tells the story of his meteoric rise and equally dramatic fall.
Gupta began serving a two-year prison term on insider trading charges in June 2014.
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