Shortly after a US court agreed to rehear his appeal, India-born former Goldman Sachs Director Rajat Gupta, 67, has been released after completing his two-year prison term. The US court has reportedly agreed to rehear his appeal to throw out his 2012 insider trading conviction.
He was “released” on March 11, four years after he lost his insider trading trial and suffered multiple legal setbacks to overturn his conviction.
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.
He completed his last two months of the jail term at his home in Manhattan, after being earlier released in January from a correctional facility. He was confined to his apartment and was required to wear an ankle bracelet that monitored his movements. An inmate can be given credit for good behaviour and becomes eligible for home confinement for 10 per cent of a sentence, up to six months.
The other accused Rajaratnam is presently serving an 11-year sentence for insider trading in the main prison adjacent to where Gupta was assigned.
The former Goldman Sachs Director Gupta, was born in India and educated at Harvard, he has also served on the boards of Procter & Gamble, the Rockefeller Foundation and the Bill and Melinda Gates Foundation.