India-born former Goldman Sachs director Rajat Gupta will have to report to jail next week to begin his two-year sentence on insider trading charges after the US Supreme Court rejected his bid to remain free on bail till his appeal for rehearing his conviction is decided on.
Mr Gupta, convicted in 2012 of passing confidential board room information to his friend and business associate Raj Rajaratnam, is scheduled to begin his prison term on June 17.
US district judge Jed Rakoff, who presided over his trial, would recommend that 65-year-old Rajat Gupta be assigned to a medium-security prison in Otisville, about 70 miles northwest of New York City.
Mr Gupta had submitted a 118-page submission to Supreme Court Justice Ruth Bader Ginsburg on June 10, requesting to remain free on bail and saying that if an appeals court rules in his favour, he will “likely” be entitled to a new trial.
The former Mckinsey head, who has so far remained free on bail, said he presents no risk of flight or danger to the community, and he has abided by all conditions of release set by the district court.
Ginsburg, who oversees emergency applications, denied Mr Gupta’s request in an order passed yesterday.
Ginsburg made no comment on denying Mr Gupta’s request.
A spokesperson at the office of Mr Gupta’s lawyer Seth Waxman, a former US solicitor general, said Waxman does not usually comment on pending matters but added that “unfortunately Mr Gupta’s application was denied.”