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Preet Bharara: Rajat Gupta’s Plea to Overturn Conviction should be rejected

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NEW YORK (Diya TV) — Prosecutors argued that the pleas of former Goldman Sachs director Rajat Gupta to have his conviction of insider trading overturned be rejected. They’ve insisted Gupta received a fair trial and was convicted by an impartial jury for his “criminal conduct,” they told an appeals court.

Indian American U.S. Attorney for the Southern District of New York Preet Bharara wrote as such in a lengthy brief filed with the U.S. Court of Appeals for the Second Circuit filed this month. Gupta’s perpetual tipping of his business partner Raj Rajaratnam with material non-public information in “ways that furthered Gupta and Rajaratnam’s shared financial interests” remains “criminal” and he is “not actually innocent.”

He added Gupta’s appeals from an order denying his motion to vacate, set aside, or correct his sentence should be rejected and he is not entitled to the relief he seeks.

In May, the 66-year-old Gupta filed an exhaustive brief in the appeals court — he argued that the judgment of the Manhattan district court finding him guilty of insider trading “should be reversed” and his “conviction should be vacated.”

His appeal was filed in the immediate shadow of an historic ruling by the Manhattan appeals court that for an insider trading, prosecutors must show that a defendant received a personal benefit for passing illegal tips. Examples can be found in the reversals of a convictions of insider trading in hedge-fund managers Todd Newman and Anthony Chiasson in 2014, Gupta’s lawyers argued.

However, opining there is no legal basis to overturn the conviction, Bharara said the jury convicted Gupta for “repeatedly and brazenly” disclosing material non-public information to Rajaratnam in violation of the fiduciary duties Gupta owed to Goldman Sachs and Procter and Gamble, companies on whose boards of directors he served.

“This conduct, which was motivated by Gupta’s substantial financial entanglements with Rajaratnam and his multi-billion dollar hedge fund, is as criminal today as it was before Newman,” Bharara said.

“Gupta received a fair trial before a properly instructed jury; that jury simply agreed with the government’s evidence of guilt, rejected Gupta’s proffered defenses and convicted Gupta for the conduct he committed. There is no legal basis to disturb that verdict,” he said.

Bharara additionally noted that at no point did the District Court instruct the jury to convict Gupta based on a Newman-invalidated “mere friendship” theory of benefit.

“Indeed, the ‘friendship’ does not appear in the jury instructions at all. The District Court instead instructed the jury that tipping in furtherance of Gupta’s good and frequent business relationship with Rajaratnam would suffice under the law. Newman says nothing to the contrary,” he said.

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Exclusive: Judges Srinivasan, Rao kickoff SABA virtual conference

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WASHINGTON (Diya TV)  — Diya TV is home to the South Asian Bar Association virtual conference this weekend, which got kicked off by perhaps the two most powerful Indian American lawyers in the nation: Chief Judge Sri Srinivasan & Circuit Judge Neomi Rao, both of whom serve in the DC Circuit Court of Appeals, considered the second most powerful court in the nation to only the Supreme Court. We’ll update you on their conversation and preview this weekend’s virtual gala featuring Stacy Abrams, Preet Bharara, Vanita Gupta, Ajit Pai and many others.

Meanwhile, Judges Srinivasan and Rao may get another Indian American colleague, as President Trump nominated Vijay Shanker to the DC Circuit Court of Appeals.

The Democratic Party announced they will be conducting their convention virtually from Milwaukee.

Indian American Jeremy Cooney is leading in the race for New York State’s 56th Senate District, with absentee ballots still to be factored in.

Ravi Kapur contributed to this report.

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Satellite images show larger Chinese presence at Indian border

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LADAKH, India (Diya TV)  — While the ongoing fracas between India and China has not led to all-out war yet, satellite images indicate China is sending a larger group of troops and building infrastructure in Galwan Valley, site of that vicious clash that killed 20 Indian troops, and a reported 43 Chinese soldiers. It was the first loss of life in battle for the Chinese in more than 40 years. U.S. intelligence decreed China instigated the battle and India says China has been staffing up in the area since May. Following the release of the satellite images, China says India is to blame.

The U.S. is regressing in its battle against COVID-19, setting a new single day record for coronavirus cases at more than 37,000. The virus has infected nearly 10 million people globally, a quarter of that total in the U.S. The death toll now stands at 125,000 in the United States, with Florida, Texas, Arizona and California seeing major increases.

Pakistani-American Qasim Rashid advanced in the Democratic primary in Virginia’s First Congressional District. ​He’ll take on longtime incumbent Republican Congressman Robert Wittman in the fall.

Ravi Kapur contributed to this report.

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As critics fume, Modi says India was not breached by China

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NEW DELHI (Diya TV)  — During an all-party political leaders meeting, Indian Prime Minister Modi told the group China did not breach Indian territory in Ladakh, nor was any Indian Army border post captured. Modi emphasized India will protect Galwan Valley, the region where the clash killing 20 Indian soldiers and a reported 43 Chinese soldiers took place. But Modi’s critics say the situation was an intelligence failure and many want Modi to strike back with force. Meanwhile, in a statement, the Chinese Government pinned the conflict on India and is laying claim to the entire valley region.

India was elected as a Non-Permanent Member of the United Nations Security Council for a 2-year term starting next year, receiving 184 out of 192 valid votes.

And in a wild Friday night surprise, the Justice Department said Geoffrey Berman, U.S. Attorney for the Southern District of New York would be stepping down, to be replaced by Jay Clayton, the current Chairman of the Securities and Exchange Commission. But in a statement, Berman said he’s not leaving until Congress confirms someone & his investigations, including into folks allied with President Trump, will continue.

Ravi Kapur contributed to this report.

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