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Second Circuit Denies Rajat Gupta's Last Gasp Effort to Vacate Conviction

Bruce Carton | December 31, 2015
Former McKinsey & Company CEO and Goldman Sachs director Rajat Gupta, who was convicted of securities fraud related to an insider trading scheme in 2012, remains on track to be released from federal prison in March 2016. Despite his imminent release, Gupta has continued to try to get his conviction vacated under the Second Circuit's landmark Newman decision.
As discussed here in July 2015, Gupta's most recent motion to vacate his sentence was rejected by Judge Jed Rakoff of the SDNY, who ruled that the Newman decision does not apply to the facts in Gupta's case. Judge Rakoff found that the Newman case impacts "the liability of a remote tippee, whereas Gupta was convicted as a tipper." Even after Newman, Judge Rakoff found, a tipper is liable for securities fraud if he takes...
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