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US District Judge said that Gupta's argument that the evidence of personal benefits presented at the trial was insufficient to sustain his conviction calling it "both too late and too little".
Rajaratnam, who is serving an 11-year prison term, is trying to void a $92.8 million penalty while Gupta wants to throw out his criminal conviction.
The former McKinsey head suffered a major blow this week when his petition to rehear his insider trading conviction was denied by an appeals court.
The former Goldman Sachs Director, who was convicted in 2012, began serving a two-year prison term on insider trading charges in June, 2014.
65-year-old Gupta reported to the minimum security satellite camp at FMC Devens in Ayer, Massachusetts, on June 17 to begin his two-year prison sentence.
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