Ex-Goldman's Gupta Free Pending Insider Appeal, Court Says, No Stress At BofA

Former Goldman Sachs director Rajat Gupta can remain free while he fights his insider-trading conviction, a federal appeals court ruled.

Bloomberg reports that Gupta, 64, was challenging an order to report to prison in January and begin serving a two-year sentence. His wife, Anita, burst into tears Tuesday when U.S. Circuit Judge Jose Cabranes in Manhattan granted the request.

Gupta was convicted by a jury in June of one count of conspiracy and three counts of securities fraud. He was accused of passing illegal information about New York-based Goldman Sachs to Raj Rajaratnam, his friend and business partner.

In the meantime, Bank of America CEO Brian Moynihan has said the firm has plenty of capital and he’s confident it will pass the next U.S. stress tests.

'We’re not going to fail this', Moynihan said today at a New York investor conference sponsored by Goldman Sachs Group Inc. (GS) 'It’s pretty clear we’ve got the capital we need', and now the question is how much to return to shareholders, he said.

Gupta Can Remain Free Pending Insider Appeal, Court Says

BofA’s Moynihan Says Lender Will Pass Next Stress Test