The trial of former Indian-American Goldman Sachs director Rajat Gupta began in New York on Monday in what is the most high profile case of insider trading in US history.
Gupta, 66, is currently serving his prison term.
US regulator SEC has asked an appeals court to affirm a district court's decision that India-born former Goldman Sachs director Rajat Gupta pay a $13.9 million penalty and be banned for life from serving as director of a public corporation.
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.
Rajat Gupta's lawyer Rishi Bhandari said suit was filed in order to ensure that there was a designee on the board.
Seth Waxman, lawyer for Gupta, told the 2nd US Circuit Court of Appeals in New York on Tuesday that wiretaps played for the jury were inadmissible because they amounted to hearsay evidence.
Aziz Haniffa recalls an earlier meeting with US Attorney Preet Bharara, who had addressed the criticism in certain segments in the community about an Indian American going after their own with a vengeance
The two bigger takeaways from this case for Indian regulators and enforcement agencies are the speed and efficiency with which it was concluded.
He is expected to be assigned to a medium-security prison in Otisville, New York, about 70 miles from New York City.
Bharara has also asked the US Court of Appeals to deny 65-year-old Gupta's motion, filed earlier this month, that his bail be continued pending resolution of his petition for rehearing the insider trading case.
The Diwali of 2011 saw Gupta surrender himself before the FBI after charges of insider trading were filed against him by Manhataan's top federal prosecutor India-born Preet Bharara.
The Diwali of 2011 saw Gupta surrender himself before the FBI after charges of insider trading were filed against him by Manhataan's top federal prosecutor India-born Preet Bharara.
On the fourth day of the trial on Thursday, the jury was shown details of phone conversations from September 2008 in which Rajaratnam brags about getting information on Goldman.
Court is expected to hear Gupta's appeal around April and it could be a year before his request to overturn his conviction is ruled upon.
The move came two days after the lawyer said it was 'highly likely' that Gupta would take the witness stand in his trial.
Sixty-three-year-old Gupta's trial, which began in Manhattan federal court on May 21, will resume today after a weekend break with his protege and former McKinsey executive Anil Kumar returning to the witness stand to testify against him.
62-year-old Gupta appeared in Manhattan federal court but it was not immediately known what charges have been slapped against him by the prosecutors.
May 21 promises to be a crucial day for the Indian-American community as one of corporate America's most prominent India-born executives is scheduled to go on trial here while miles away a New Jersey court is to decide the fate of a Chennai native convicted of a hate crime.
Gupta was convicted of passing confidential information.
Gupta, 65, reported to the minimum security satellite camp at FMC Devens in Ayer, Massachusetts on June 17.
Gupta was convicted of passing confidential information.
While the former managing director of McKinsey & Co, Rajat Gupta, has every right to claim that he is innocent until otherwise established in a court of law, he must adopt the same standards of good conduct in India as he has been required to in the US.
Can there be one norm for the US and another for India?
The memoir tells the story of his meteoric rise and equally dramatic fall.
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
His prison term is set to end on March 2016.
US District Judge Jed Rakoff had set as October 18 the date for sentencing Gupta after the ex-McKinsey head was found guilty by a jury here of passing confidential company information to Rajaratnam.
Defense strategy seems to relying on three basic arguments.
The brief courtroom drama began on Monday when the jury was listening to the testimony of star government witness Goldman Sachs chief executive officer Lloyd Blankfein.
His prison, at Otisville, figures in Forbes 2009 list of the 10 cushiest prisons in the US.
Financial services firm Goldman Sachs has paid a large chunk of the nearly $30 million legal fees for its former board member Rajat Gupta's defence, a media report said.
Former Indian American Goldman Sachs director Rajat Gupta is facing trial in one of the most high profile cases of insider trading in the US that will likely see investment guru Warren Buffet and Arcelor Mittal Chairman Lakshmi Mittal as potential witnesses.
Rajat Gupta was the former head of bluechip consulting firm McKinsey.
Gupta's two-year prison term is set to end in March 2016.
Gupta's lawyer Seth Waxman argued his case during a hearing before a three-judge panel of the 2nd US Circuit Court of Appeals in New York on Monday.
The Gupta case is SEC v. Gupta, US District Court, Southern District of New York, No. 11-07566.
The former employer incurred the amount as legal expenses during the trial.
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