Ex Goldman Director, Rajat Gupta sentences 2 years in prison for insider trading
The former investment bank, Goldman Sachs director Rajat Gupta was sentenced today to two years in prison, much little than expected as 8-10 years prison sentence.
Rajat was convicted for the illegal sharing of corporate secrets to Raj Rajaratnam at the height of the 2008 financial crisis. Rajratnam was the hedge fund manager in the U.S. government’s crackdown on insider trading over the past four years, and today U.S. court found Gupta on guilty on insider trading crimes describing ‘disgusting’ and ‘a terrible breach of trust’.
As per reports, Disgraced Wall Street titan and philanthropist Rajat was also fined to pay a $5 million, the most shocking fact as Rajat the same person whose example has been followed by world in corporate of how perfectly one can handle corporate term.
The Kolkata, India-born Gupta has performed as major top profile, managing the consulting firm McKinsey & Co and also performed as an adviser profile to the foundations of Bill Gates and Bill Clinton.
Meanwhile, Gupta who might be faced a sentence of 20 years for securities leakage and conspiracy for that he convicted in Manhattan federal court last June, now sharing his sentence on January 8, 2013. However, still no detail where he will spend his prison sentence, but may be in Otisville, New York as per his lawyer appeal.
Source said that Mr Gupta has no reaction to the judge sentence, regretting his actions and said there was no harm in his reputation.