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Former Goldman Sachs director Rajat Gupta released after two years in jail

Mr Rajat Gupta, Former Goldman Sachs director

New Delhi, March 14 (UITV)- Mr Rajat Gupta, Former Goldman Sachs director, who was found guilty of insider trading and was serving a two-year prison term, was released on March 11, weeks after the US court agreed to rehear his appeal to throw out his 2012 insider-trading conviction.

Guptas prison term was to end on March 13, which being a Sunday, he was released two day ago on Friday, four years after he lost his insider trading trial and suffered multiple legal setbacks to overturn his convictions.

The Harvard-educated was accused of passing confidential information to his friend and associate Raj Rajaratnam, co-founder of Galleon Group LLC hedge fund, about the Barkshire Hathaway Inc. $5 billion investment in the banks and its financial results.

After being convicted, Mr Gupta files several appeals, including US Supreme Court to overturn his convection and prison term but did not meet with and success and courts rejected his arguments.

After several failed appeals, the US Circuit court had agreed to re-hear his appeal against his 2012 convictions to throw out the insider-trading convection against him.

Gupta was completed the last two months of his term at his home, after being released on January 5 but as a federal inmate had to wear the ankle bracelet so that his movements could be monitored.

Apart from the two-year prison term, Gupta was fined USD 5 million and the Securities and Exchange Commission asked him to pay a US $13.9 million as penalty.