India-born former Goldman Sachs director Rajat Gupta will begin serving >a two-year prison term from June 17 after a court here rejected his bid to stay free pending further appellate review of his conviction on insider trading charges.
The U.S. Court of Appeals issued a brief order that said “appellant, through counsel, moves for a stay of Appellant’s surrender and continuation of bail pending further appellate review. It is hereby ordered that the motion is denied.”
Gupta (65) had filed his 23-page motion earlier this month asking the court for an order staying his surrender date and continuing bail pending further appellate review of his conviction on insider trading charges.
The Harvard-educated former McKinsey head had lost his appeal to overturn his conviction on insider trading charges and was ordered in April to surrender and begin his two-year prison sentence on June 17. Gupta is expected to be assigned to a medium-security prison in Otisville, about 70 miles from New York City.
