NY court agrees to rehear Ex-Goldman board member's appeal
Corporate Law
A federal appeals court in New York has agreed to rehear the appeal of the insider-trading conviction of a former board member for Goldman Sachs and Proctor & Gamble.
The 2nd U.S. Circuit Court of Appeals on Thursday issued an order saying it will rehear the claims of Rajat Gupta (rah-JAHT' GOOP'-tah). His lawyers say his 2012 conviction on conspiracy and securities fraud charges should be tossed because he was innocent and the jury was improperly instructed.
His attorney Gary Naftalis says he is pleased with the court's ruling and believes there are meritorious issues to present on appeal.
The 57-year-old Gupta is confined to his Westport, Connecticut, home. He won't be formally finished serving a two-year prison sentence until next month.
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Thai National Sentenced, Faces Deportation for Operating Immigration Fraud Scheme
Nimon Naphaeng, 36, a native and citizen of Thailand, who resided in Wakefield, R.I., was sentenced Monday to 27 months in federal prison for running an immigration fraud scheme that defrauded more than 320 individuals, most of them immigrants, of at least $400,000, and perhaps more than $518,000.
The scheme included the unauthorized filing of false asylum applications on behalf of individuals who did not request, nor authorize, the applications.
“U.S. Citizenship and Immigration Services does not tolerate immigration fraud of any kind,” said Susan Raufer, director of the USCIS Newark Asylum Office. “We are proud of our role in uncovering this fraud scheme and bringing the perpetrator to justice.”
At sentencing, U.S. District Court Chief Judge William E. Smith ordered a provisional amount of restitution of $400,000. The final amount of restitution will be determined subject to additional victims being identified and additional court filings over the next 90 days. According to court documents already filed by the government, restitution in this matter may exceed $518,300. During the investigation, the government seized $285,789.31 from Naphaeng. The forfeited funds will be applied toward restitution for victims of Naphaeng’s crimes.