These tips included information on Goldman's financial results, as well as a crucial $5 billion investment during the financial crisis by Warren Buffett's Berkshire Hathaway.
In one such call, Rajaratnam was heard telling a trader that a caller had told him just before the Berkshire investment was announced that "something good might happen to Goldman."
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Prosecutors contended that Gupta made that call just after emerging from a Goldman board meeting to approve the investment.
In a 48-page decision, Circuit Judge Amalya Kearse wrote that there was "ample evidence" to support a finding that Gupta conspired to pass confidential tips about Goldman to Rajaratnam.
She also rejected Gupta's argument that he deserved a new trial because the trial judge, U.S. District Judge Jed Rakoff, improperly limited his ability to mount a defense.
Rajaratnam was also convicted of insider trading, in a case that also relied heavily on wiretap evidence. He is serving an 11-year prison term.
The case is U.S. v. Gupta, 2nd U.S. Circuit Court of Appeals, No. 12-4448.