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Portrait of Raj Gupta

Photo: Staff photographer · CC BY-SA 3.0 · Wikimedia Commons

Born in India · Nationality American — consulting / corporate governance / financial markets / insider trading

Raj Gupta

Business and billionaires

Documented profile covering 11 controversies, including “2019: Further attempt to overturn conviction based on Newman case law rejected” and “2014: Court of Appeal upholds conviction”.

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Profile No. 2197 · Updated on 12 October 2026

Portrait of Raj Gupta

Photo: Staff photographer · CC BY-SA 3.0 · Wikimedia Commons
11Documented controversies
8Sources
1 followed by a conviction

§ Legal statuses reflect the documented sources as of the date shown; they replace neither court decisions nor the presumption of innocence. Counts are not a rating. Methodology

I. Documented controversies

Case · 5 documented stages

2019: Further attempt to overturn conviction based on Newman case law rejected

Conviction
01

11 January 2019

2019: Further attempt to overturn conviction based on Newman case law rejected

Conviction

Gupta sought to overturn his conviction, arguing that jury instructions concerning personal benefit had become invalid after Newman. The Second Circuit rejected his application, finding notably that the argument had been procedurally forfeited and that the instructions remained compatible with applicable law.

Attribution
Protagonist is the complainant

Sources · 1

  1. [1]
    U.S. Court of Appeals for the Second Circuit / FindLawGupta v. United StatesCourt decisionVery high reliability

Last verified: 14 September 2026

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02

25 March 2014

2014: Court of Appeal upholds conviction

Conviction

The Second Circuit rejected Gupta's arguments concerning, notably, admission of co-conspirators' wiretapped conversations and exclusion of defence evidence, and upheld the conviction.

Sources · 1

  1. [1]
    U.S. Court of Appeals for the Second Circuit / JustiaUnited States v. GuptaCourt decisionVery high reliability

Last verified: 14 September 2026

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05

24 October 2012

October 2012: Two years in prison, $5 million fine and one year of supervised release

Conviction

Judge Jed Rakoff sentenced Gupta to two years in prison, one year of supervised release and a $5 million fine for the insider trading offences upheld by the jury.

State of the evidence
Documented
Attribution
Directly implicated

Sources · 1

  1. [1]
    U.S. Attorney, Southern District of New YorkFormer Chairman Of Consulting Firm And Board Director, Rajat Gupta, Sentenced...Very high reliability

Last verified: 14 September 2026

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10

23 September 2008

September 2008: Leak of Berkshire Hathaway's $5 billion investment in Goldman Sachs

Conviction

Seconds after a Goldman board meeting approving Berkshire Hathaway's $5 billion investment, Gupta called Rajaratnam. The jury found that confidential information had been passed on and used to purchase Goldman shares before the public announcement.

State of the evidence
Established by a court
Attribution
Directly implicated

Sources · 2

  1. [1]
    U.S. Attorney, Southern District of New YorkFormer Chairman Of Consulting Firm And Board Director, Rajat Gupta, Sentenced...Very high reliability
  2. [2]
    U.S. Court of Appeals for the Second Circuit / JustiaUnited States v. GuptaCourt decisionVery high reliability

Last verified: 14 September 2026

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11

23–24 October 2008

October 2008: Disclosure of Goldman's first quarterly loss since its stock-market listing

Conviction

Gupta was also found guilty of passing on confidential information to Rajaratnam that Goldman would report a quarterly loss before publication. Rajaratnam subsequently sold securities, avoiding losses of several million dollars according to prosecutors.

State of the evidence
Established by a court
Attribution
Directly implicated

Sources · 2

  1. [1]
    U.S. Attorney, Southern District of New YorkFormer Chairman Of Consulting Firm And Board Director, Rajat Gupta, Sentenced...Very high reliability
  2. [2]
    U.S. Court of Appeals for the Second Circuit / JustiaUnited States v. GuptaCourt decisionVery high reliability

Last verified: 14 September 2026

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03

February–July 2013

2013: $6.2 million restitution followed by $13.9 million SEC penalty and permanent professional bans

Civil / administrative proceedings

An amended judgment added approximately $6.2 million in restitution. In July, the SEC obtained a $13.9 million civil penalty and permanent prohibitions on serving as an officer or director of a listed company and on association with several regulated market professions.

State of the evidence
Documented
Attribution
Directly implicated

Sources · 2

  1. [1]
    U.S. Securities and Exchange CommissionSEC Obtains $13.9 Million Penalty Against Rajat GuptaOfficial statementVery high reliability
  2. [2]
    U.S. Court of Appeals for the Second Circuit / JustiaUnited States v. GuptaCourt decisionVery high reliability

Last verified: 14 September 2026

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04

15 June 2012

June 2012: Found guilty on four counts but acquitted on two others

Acquitted / conviction overturned — against a third party

Protagonist not prosecuted — these proceedings are not counted in their formal charges or convictions.

After a four-week trial, the jury found Gupta guilty of one conspiracy count and three securities fraud counts involving Goldman information. He was acquitted on two other securities fraud counts.

Attribution
Directly implicated
Role of the person profiled
Protagonist not prosecuted

Sources · 2

  1. [1]
    U.S. Attorney, Southern District of New YorkFormer Corporate Chairman And Board Director Rajat Gupta Found Guilty Of Insider TradingVery high reliability
  2. [2]
    U.S. Court of Appeals for the Second Circuit / JustiaUnited States v. GuptaCourt decisionVery high reliability

Last verified: 14 September 2026

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06

March–August 2011

2011: Gupta challenges SEC administrative proceedings, subsequently withdrawn without ruling on merits

Civil / administrative proceedings

The SEC initially brought administrative proceedings against Gupta. He sued the agency, arguing notably that the retroactive use of new Dodd-Frank powers and the choice of forum were unfair. The parties agreed to withdraw both the administrative proceedings and Gupta's action without a ruling on the merits, while the SEC retained the option of proceeding in federal court.

Sources · 2

  1. [1]
    U.S. District Court / JustiaStipulation and Order — Gupta v. SECCourt recordVery high reliability
  2. [2]
    U.S. Securities and Exchange CommissionSEC Files Insider Trading Charges against Rajat GuptaOfficial statementVery high reliability

Last verified: 14 September 2026

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07

26 October 2011

October 2011: Renewed SEC civil proceedings and criminal indictment in Galleon case

Civil / administrative proceedings

The SEC revived the case in federal court, while Gupta also faced criminal prosecution for passing confidential information obtained as a Goldman Sachs and P&G director to Raj Rajaratnam.

Attribution
Accused

Sources · 1

  1. [1]
    U.S. Securities and Exchange CommissionSEC Files Insider Trading Charges against Rajat GuptaOfficial statementVery high reliability

Last verified: 14 September 2026

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08

29 January 2009

January 2009: Confidential Procter & Gamble information on organic growth below forecasts

Allegations

The SEC accused Gupta of informing Rajaratnam that an internal Procter & Gamble document forecast organic growth below what had been publicly announced. Galleon funds allegedly then sold short approximately 180,000 P&G shares.

State of the evidence
Alleged
Attribution
Directly implicated

Sources · 1

  1. [1]
    U.S. Securities and Exchange CommissionSEC News Digest, October 26, 2011Regulatory authorityVery high reliability

Last verified: 14 September 2026

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09

10–11 June 2008

June 2008: Allegedly passes confidential Goldman Sachs quarterly results to Raj Rajaratnam

Allegations

The SEC alleged that Rajat Gupta, then a Goldman Sachs director, disclosed non-public information about Goldman's second-quarter 2008 earnings to Raj Rajaratnam, enabling Galleon funds to take positions in Goldman quickly.

State of the evidence
Alleged
Attribution
Directly implicated

Sources · 1

  1. [1]
    U.S. Securities and Exchange CommissionSEC Files Insider Trading Charges against Rajat GuptaOfficial statementVery high reliability

Last verified: 14 September 2026

Add to this entry

II. Constellation of documented links

  • Linked profile (portrait or initials) — click to open it
  • Line width: number of documented references
  • Hover over or tap a line: controversies and sources

Two profiles are linked when a documented controversy of one names the other. The link points to that controversy and its sources; it does not indicate a personal relationship.

List of documented links (5)
  1. Goldman Sachs3 documented references
  2. Raj Rajaratnam2 documented references
  3. Berkshire Hathaway1 documented reference
  4. Procter & Gamble1 documented reference
  5. Rajat Gupta1 documented reference

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