Rajat Gupta disagrees with US Supreme Court's insider trading ruling

December 21, 2016 10:09

India-born former Goldman Sachs director Rajat Gupta, who is arguing in appeal that the government lacked evidence to show he "received even a penny" for passing insider information, has disagreed with a US Supreme Court ruling that sharing corporate secrets is illegal even if the tipsters did not receive anything in return.

In a landmark ruling earlier this month relating to the insider trading conviction of Illinois resident Bassam Yacoub Salman, the Supreme Court unanimously ruled that sharing corporate secrets with friends or relatives is illegal even if the insider providing the tip doesn't receive anything of value in return.

68-year-old Gupta is a free man now after completing a prison term on insider trading charges but is not giving up his legal battle to overturn his conviction, arguing that he served two years in jail for conduct that is not criminal even though the government lacked evidence to show he "received even a penny" for passing confidential boardroom information to now jailed hedge-fund manager Raj Rajaratnam.

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