Appeals court upholds ex-Goldman director insider trading conviction

NEW YORK, March 25 Tue Mar 25, 2014 10:16am EDT

NEW YORK, March 25 (Reuters) - A federal appeals court on Tuesday rejected a bid by former Goldman Sachs Group Inc director Rajat Gupta to overturn his insider trading conviction.

The 2nd U.S. Circuit Court of Appeals rejected the claim by Gupta, also a former global managing director of consulting firm McKinsey & Co, that his trial judge improperly admitted wiretap evidence.

Gupta had appealed his June 2012 conviction and two-year prison term for having fed confidential tips from Goldman board meetings in the second half of 2008 to Raj Rajaratnam, a longtime friend and head of the Galleon Group hedge fund firm.

Rajaratnam was also convicted of insider trading, and is serving an 11-year prison term. (Reporting by Jonathan Stempel in New York)

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