The US Supreme Court's statement that it won't review a federal appeals court ruling on insider trading may put other convictions at risk. Since Todd Newman and Anthony Chiasson had their convictions overturned by the appeals court, others have been watching closely for word from the Supreme Court. Among them is Rajat Gupta, former Goldman Sachs director.
Gupta failed to persuade a judge in July to throw out his insider-trading conviction and prison sentence, after the Newman-Chiasson decision was issued. Gupta, convicted in 2012 and serving a two-year prison term in Massachusetts, argued the US failed to prove he got a personal benefit for passing tips to Rajaratnam. He is now appealing the judge's refusal.
