A federal judge today denied the appeal of a former Procter & Gamble Co. board member, Rajat Gupta, who had requested that his conviction be overturned for insider trading related to his service as a board member of Goldman Sachs.
Gupta, 66, who is serving a two-year prison term, had asked that his case be reconsidered after a December court ruling in a different case reversed two insider trading convictions, the Associated Press reported. Judge Jed Rakoff of New York, who previously sentenced Gupta to prison and fined him $5 million, ruled against him.
Last year, three judges with the U.S. Court of Appeals for the 2nd Circuit in New York rejected a previous appeal by Gupta. A native of India who lives in Connecticut, Gupta joined the board of Cincinnati-based P&G in 2007 and resigned in 2011.
The Business Courier previously reported that the maker of household products such as Tide laundry detergent said it had been assured by Gupta that he had not inappropriately communicated confidential information about Procter & Gamble.