Former Goldman Sachs Director Wants Retrial on Insider Trading, Argues Wiretapping Shouldn't Have Been Allowed

Second circuit court hearing arguments today

Former Goldman Sachs Group Inc. (GS) director Rajat Gupta is set to ask a federal appeals court in New York today to overturn his insider-trading conviction by arguing the U.S. shouldn't have been allowed to use evidence from wiretapped phone calls that didn't involve him.

Gupta has already been handed one victory from the 2nd Circuit Court of Appeals, which will hear today's arguments. In December, it allowed him to remain free while he fought his conviction. The court had overturned U.S. District Judge Jed Rakoff's ruling ordering Gupta to surrender to prison authorities on Jan. 8 and begin serving his two-year sentence.