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Fmr. Goldman Sachs Director Gupta Loses Appeal

Former Goldman Sachs Group Inc. director Rajat Gupta's appeal to overturn his insider trading conviction was rejected by a federal court Tuesday, Reuters reports. Gupta's lawyers contested his conviction on the grounds that prosecutors improperly used wiretaps as evidence. A former global managing director of McKinsey & Co., Gupta, was accused of passing on confidential information in 2008 to Raj Rajaratnam, his longtime friend and the former head of hedge fund Galleon Group. Gupta was convicted and sentenced to two years in prison. Rajaratnam is currently serving 11 years in prison after being convicted of several counts of insider trading.Copyright © 2014 MarketWatch, Inc....

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