NEW DELHI: A devastated India-born former Goldman Sachs director Rajat Gupta, who was sentenced today for insider trading crimes, said he has lost his reputation built over a lifetime and apologised to his family and colleagues.
Making his first statement since being charged with insider trading over a year ago, Gupta, 63, read from a prepared statement for six minutes before being sentenced by US District Judge Jed Rakoff to two years in prison on securities fraud and conspiracy in federal court here.
“The last 18 months have been the most challenging period of my life since I lost my parents as a teenager. I have lost my reputation that I have built over a lifetime,” Gupta said in a tone that did not betray any emotions.
Standing before the judge for his sentencing, Gupta said, “The overwhelming feelings in my heart are of acceptance of what has happened, of gratitude to my family and friends, and of seeking forgiveness from them all. It is with these feelings that I hope to move forward and dedicate myself to the service of others.”
Gupta said his conviction on insider trading charges by a jury in June this year was “devastating” to him as well as to his friends and family and added that the implications of the verdict to all aspects of his life — personal, professional and financial — have been “profound.”
Gupta has been ordered to pay a USD five million fine and would have to surrender in prison on January 8 next year. He will also have to undergo a year of supervised release after his prison term ends.
He had not testified at his trial in June this year and neither had he spoken to the media. Gupta, however, stopped short of taking responsibility for his conviction or admitting his conduct in his statement.
The IIT and Harvard educated Kolkata native said he also often thought about three not-for-profit organisations — the Indian School of Business, the Public Health Foundation of India, the America India Foundation, which he had helped create.
“These are very young institutions and in the early years of developing a reputation. I love these institutions as if they were my own children. I never want to hurt them in any way. (PTI)
