As of several years ago, former McKinsey leader, Rajat Gupta, spent about $30 million on his legal defense. That's documented in the book "The Billionaire's Apprentice - The Rise of the Indian-American Elite and Fall of the Galleon Hedge Fund."
Those legal tactics didn't work then. Gupta, despite petitioning the U.S. Supreme Court, still went to prison. And his good name was in tatters
And, the legal approach isn't working now. Gupta is out of prison and no longer under e-monitoring. Yet, he's still at it: leveraging legal tactics to restore his brand.
As Abovethelaw reports, his latest move bombed. He tried to use "Salaman v. U.S." to argue that he didn't benefit from insider trading.
That decision mandates that to be convicted of insider trading there must be evidence of gain. The Ninth Circuit determined that Gupta had benefited from his relationship with the players in the Galleon hedge fund. After all, he had been among its investors.
Gupta should get it that the horse he is betting on - the law - is the wrong one. He should switch horses.
Instead he should invest his money, energy, and hope in public relations. That tool has proven out to create fresh brands for those public figures who have fallen from grace. At the top of the list is Michael Milken.
The rebranding of Gupta might start back in his homeland. Indian-Americans I have spoken with inform me that he is still revered in his homeland. That can be the global platform for re-entry with a new identity.
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