Ex-Goldman Sachs director Rajat Gupta asked a federal appeals court for a new insider- trading trial, arguing that evidence in his favor was kept from the jury and evidence against him was wrongly allowed.
Bloomberg reports that Gupta, 64, who sat on the board of New York-based Goldman Sachs and Cincinnati-based Procter & Gamble Co., was sentenced to two years in prison after being convicted of passing information he gathered at board meetings to Galleon Group LLC co-founder Raj Rajaratnam.
U.S. District Judge Jed Rakoff in Manhattan erred when he allowed the government to present wiretaps of conversations not involving Gupta and limited Gupta’s defense case by barring evidence that Rajaratnam had alternative sources of nonpublic information about Goldman Sachs, defense lawyers Gary Naftalisand Seth Waxman said January 18th in court papers.
'The court’s decidedly asymmetrical interpretation of the rules of evidence left the jury with a distorted picture, in which Gupta was accused by the self-serving hearsay of a known fabulist beyond Gupta’s power to cross-examine, but was unable to explain to the jury that he had neither the motive nor the inclination to benefit that person, and that there was a plausible alternative perpetrator', the defense lawyers wrote.
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