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Raj Rajaratnam's 23-Second Man Reporting To Prison Next Month

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Rajat Gupta, the Goldman Sachs director who waited but 23 seconds after a Goldman board meeting to call hedge fund manager Raj Rajaratnam with material, non-public information, has lost his bid to stay out of jail.

A federal appellate court in New York on Friday rejected Mr. Gupta’s attempt to remain free on bail while he seeks to appeal his 2012 conviction to the United States Supreme Court. Mr. Gupta, 65, is now set to surrender to the federal Bureau of Prisons on June 17 and begin serving a two-year prison sentence.

Rajat Gupta Loses Bid to Avoid Prison During Appeal [Dealbook]