Saturday, July 12, 2025
spot_img

Rajat Gupta gets away with two years in jail

Date:

Share post:

spot_imgspot_img

New York: Past “good deeds” helped Rajat Gupta, the one time poster boy of Indian business in America, get away with a two year prison sentence for leaking corporate secrets to former hedge fund tycoon Raj Rajaratnam.

Judge Jed S. Rakoff of the Federal District Court in Manhattan Wednesday handed down India born Gupta, 63, a former Indian-American director of Goldman Sachs Group, a more lenient prison sentence than the eight to 10 years stipulated for insider trading by nonbinding federal sentencing guidelines.

The judge also ordered Gupta to pay a $5 million fine and said he would face one year of supervised release after finishing his prison term. The defence plans an appeal.

Gupta, who was accompanied to court by his wife and four daughters, apologised to his friends, family and the charitable institutions that he helped found.

His conduct has forever tarnished a once-sterling reputation that took years to cultivate, he said.

Prosecutors had urged a sentence of 97 to 121 months for Gupta, who was convicted last June for insider trading on three counts of securities fraud and one count of conspiracy.

Gupta’s lawyers on the other hand had suggested he could repay for his “shocking” crimes by working for a homeless youth shelter in New York or in Rwanda, helping improve healthcare and develop agriculture in rural areas. (IANS)

spot_imgspot_img

Related articles

DRDO and IAF successfully test Astra BVRAAM with indigenous radio frequency seeker from Su-30 Mk-I

New Delhi, July 11: In a significant boost to India's self-reliance in defence technology, the Defence Research and...

Mayank Yadav’s rehab likely to start in coming weeks after undergoing surgery in Christchurch

New Delhi, July 11: Tearaway fast bowler Mayank Yadav is likely to begin his long rehab in the...

Pakistan: 98 killed, 185 injured as monsoon rains wreak havoc

Islamabad, July 11: Torrential monsoon rains and flash floods have claimed at least 98 lives and left 185...

India’s purchase of Russian oil helped bring down global prices: Hardeep Puri

New Delhi, July 11: Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday that India’s...