You are here: Home » International » News » Others
Business Standard

Rajat Gupta, a free man, looks to climb back up the ladder

Even as the former McKinsey head walks out of prison, a US court has agreed to revisit Gupta's appeal to throw out his insider trading conviction

BS Web Team  |  New Delhi 

Rajat Kumar Gupta
Rajat Kumar Gupta

Former global managing director of McKinsey and Co and Goldman Sachs board member has been released after completing a two-year prison term for insider trading, and is now looking to climb back up the ladder, say reports.

Gupta, 67, was released on March 11, weeks after a US court agreed to rehear his appeal to throw out his 2012 insider-trading conviction, according to his record at the Federal Bureau of Prisons.

According to a January 2016 New York Times report, Gupta was released from a federal correctional facility on January 5, 2016, to serve the rest of his prison sentence at home in Manhattan.

Read more from our special coverage on "RAJAT GUPTA"

Despite his release, the NYT report had said that he would "remain a federal inmate" till the completion of his sentence. During his stay at his house. Gupta was required to remain confined to his apartment and wear an ankle bracelet.

Gupta, the report said, has been eager to "get back" to the world he once inhabited. Since he was released from the correctional facility, he has already been working out of the offices of Purnendu Chatterjee, an old friend from McKinsey.

Chatterjee, the report said, was one of Gupta's most "passionate defenders" when he was convicted of insider trading.

However, getting back into his corporate groove is not the only thing on Gupta's mind.

Early in February this year, the US Second Circuit Court of Appeals in Manhattan agreed to revisit its rejection of 67-year-old Gupta's appeal to throw out his 2012 insider-trading conviction.

According to a Fox Business report, the overturning of the Newman insider trading conviction by the US Court of Appeals for the Second Circuit might have given Gupta a chance at "restoring his reputation and dignity".

Gupta’s lawyer has successfully argued in front of the Appeals Court that Gupta did not receive any tangible benefit from Rajaratnam, the report said.

If Gupta's conviction is overruled, it will go a long way in helping him overcome the public disapprobation he has faced.

If Gupta succeeds, he will join the likes of Mark Cuban, a billionaire investor and owner of the American professional basketball team Dallas Mavericks, and television’s lifestyle star Martha Stewart in bouncing back from insider trading charges.

Cuban remains a leading philanthropist and corporate figure despite insider trading charges over the 2004 sale of his stake in Internet search company back.

Stewart, who was found guilty of insider trading over the sale of $230,000 worth of ImClone shares the day before the stock dropped in 2001, made a comeback after serving her sentence, revived her television show, and returned to the board of her company.

First Published: Mon, March 14 2016. 12:47 IST