Rajat Gupta released after spending two years in prison

CRIMrGuptaShortly after a US court agreed to rehear his appeal, former Goldman Sachs Director Rajat Gupta, 67, has been released after completing his two year prison term. The US court agreed to rehear his appeal to throw out his 2012 insider trading conviction.

Harvard educated Gupta was in 2012 convicted of passing confidential boardroom information to his one-time friend and business associate Raj Rajaratnam. Apart from the prison term, he was fined $5 million and the Securities and Exchange Commission also filed a $13.9 million penalty on him.

Since his conviction in 2012 Gupta filed several appeals, including to the US Supreme Court, to overturn his conviction and prison term, but the courts rejected his arguments and affirmed his sentence. As it happened, just weeks before his prison term was to end, the US Second Circuit Court of Appeals agreed to rehear an appeal to throw-out his insider-trading conviction.

Since returning to his Manhattan apartment, Gupta has been fielding calls from former associates who say he is in good spirits and looks back on his spell in prison philosophically.

Incidentally Rajaratnam is serving an 11 year sentence for insider trading, in the main prison adjacent to where Gupta was held.