WilmerHale partner Seth Waxman told the 2nd US Circuit Court of Appeals in Manhattan that Gupta was not given a fair chance to prove his innocence after his daughter was prohibited from testifying how angry her father was at a billionaire hedge fund founder in 2008, even though he was supposedly feeding him information, reports NewsDay.
Motive and timing
Gupta was convicted of securities fraud and conspiracy and was sentenced last year to two years in prison along with a $5 million fine.
Mr Waxman said the testimony would have ‘powerfully refuted the government’s theory of motive and timing.’
The lawyer claimed that Gupta was angry at founder of the Galleon Group hedge funds Raj Rajaratnam because he had cheated him in a joint investment by withdrawing his $25 million without telling Gupta, who had invested $10 million.
Evidence
Rajaratnam was convicted at a separate trial of insider trading charges and is serving an 11-year prison sentence after prosecutors said illegal trades made him up to $75 million.
Despite the lawyer’s argument, Judge Jon Newman - one of three appeals judges - questioned how a jury could ‘ignore all of that evidence’ of insider trading.
The appeals court reserved decision.
Email your news and story ideas to: [email protected]
