US prosecutors have opposed India-born ex-Goldman Sachs Director Rajat Gupta's plea to reverse his conviction. Gupta was convicted on insider trading charges in 2012 and serving a two-year prison term. He was also fined five million dollars. Gupta is seeking to set aside his conviction, based on the Second Circuit's decision in the case against Newman in which the court ruled that prosecutors must show that a defendant got a personal benefit for passing illegal tips. The prosecutors said the conviction should not be thrown out as the government provided overwhelming proof against him for passing on illegal information in return for expected potential pecuniary gains. They said the IIT and Harvard-educated former McKinsey head, who is serving a two-year sentence, had a powerful financial incentive to tip his billionaire hedge-fund operator friend Raj Rajaratnam. Attorney for the Southern District of New York, Preet Bharara, submitted a memorandum on behalf of the government opposing Gupta's plea to throw out his conviction based on a recent ruling by an appeals court in which it reversed the insider convictions of hedge-fund managers Todd Newman and Anthony Chiasson.