Gupta to remain free bail pending appeal: Court
New York: India-born former Goldman Sachs director Rajat Gupta can remain free on bail while he challenges his conviction on insider-trading charges, a US court ruled on Wednesday.
A two-judge panel of the 2nd US Circuit Court of Appeals made the ruling after listening to arguments regarding the case against him.
Gupta, 63, was sentenced to two years in prison by US District Judge Jed Rakoff on insider trading charges and was scheduled to begin his prison term on January 8.
Federal prosecutors had asked the appeals court to deny Gupta's request to delay his surrender date and to remain free on bail, saying the former Wall Street executive is a "flight risk" since he has strong personal and financial ties to his native country.
Gupta was convicted in June of passing confidential boardroom information about Goldman Sachs to his friend and Sri Lankan business associate Raj Rajaratnam.
Gupta was charged in October last year and has been free on a $10 million bail since then.
Rajaratnam, whose bid to remain free on bail was denied, is currently serving an 11 year prison term on insider trading charges.