Former Goldman Sachs Director Rajat Gupta has been sentenced to 2 years in prison and a $5 million fine by a Manhattan federal court for insider trading on Wednesday.
Rajat (63) was sent to prison for leaking boardroom secrets to the founder of hedge fund Galleon, Raj Rajaratnam.
Prosecutors were seeking 10 years in prison but Judge Jed S. Rakoff handed down a rather more lenient prison sentence to Gupta than the 8 to 10 years stipulated by federal sentencing guidelines
Judge Rakoff said, "I think the record, which the government really doesn't dispute, bears out that he is a good man".
"But the history of this country and the history of the world, I'm afraid, is full of examples of good men who do bad things," he added.
Rajat has a wife and four daughters
Gupta will report to prison on 8 January 2013. He would also face 1 year of supervised release after finishing his prison term.
|
|
Comments:
