Former Goldman Sachs Group Inc director Rajat Gupta is expected to begin his two-year prison term on June 17 for insider trading.

U.S. District Judge Jed Rakoff in Manhattan directed Gupta to surrender by 2:00 p.m. EDT (1800 GMT) on that date to start serving his sentence, according to an order issued on Thursday.

Gupta, 65, was convicted in June 2012 on securities fraud and conspiracy charges for having fed tips, from Goldman board meetings in the second half of 2008, to longtime friend Raj Rajaratnam, founder of the Galleon Group hedge fund firm.

A three-judge panel of the 2nd U.S. Circuit Court of Appeals upheld the conviction on March 25, rejecting Gupta’s claim that Rakoff improperly admitted wiretap evidence at trial.

Two weeks later, on April 8, Gupta asked the panel to reconsider, or for the entire 2nd Circuit to review the case.

The case is U.S. v. Gupta, U.S. District Court, Southern District of New York, No. 11-cr-00907.

Source:

http://in.reuters.com/article/2014/04/17/us-usa-crime-insidertrading-gupta-idINKBN0D30RX20140417

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