The US Second Circuit Court of Appeals yesterday dismissed Gupta's appeal in which he argued that there was insufficient evidence at trial to prove he had received personal benefits from now-jailed hedge fund founder Raj Rajaratnam in exchange for confidential board room information about Goldman Sachs.
Gupta, 67, had moved the appeals court seeking a "certificate of appealability" but in the ruling the court "denied" the motion and "dismissed" his appeal.
Gupta's two-year prison term is set to end in March next year and ever since his conviction in June 2012, he has filed several appeals, including to the US Supreme Court, to overturn his conviction and prison term but the courts have rejected his arguments and affirmed his sentence.
The former McKinsey chief is currently serving his prison term in a federal prison in Ayer, Massachusetts.
Also Read
Gupta sought to vacate his sentence and the judgment against him on the basis of an argument that the trial court's instruction to the jury concerning the "personal benefit" element of an insider trading violation was "erroneous" and there was insufficient evidence of such benefit.
Rakoff, who had presided over Gupta's trial and sentenced him to the two years' imprisonment, had said that even though Gupta is a "man of many laudable qualities," the "hard fact remains" that he committed a serious crime.