Rajat Gupta, a former Indian-American director of Goldman Sachs Group, has been sentenced to two years in prison for leaking boardroom secrets to former Sri Lankan-American hedge fund manager Raj Rajaratnam. Judge Jed S Rakoff of Federal District Court in Manhattan Wednesday handed down 63-year-old Gupta a more lenient prison sentence than the eight to 10 years stipulated by non-binding federal sentencing guidelines. He was also ordered to pay a $5-million fine. <img alt="Rajat Gupta" src="http://images.mid-day.com/2012/aug/Rajat-Gupta.jpg" style="width: 500px; height: 462px; " /> Ex-Goldman Sachs director Rajat Gupta has been found guilty of insider trading (File pic) In a statement, Preet Bharara the Indian-American attorney in Manhattan, said, &quot;His (Gupta&#39;s) conduct has forever tarnished a once-sterling reputation that took years to cultivate.&quot; &quot;We hope that others who might consider breaking the securities laws will take heed from this sad occasion and choose not to follow in Gupta&#39;s footsteps,&quot; he added. 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&#39;s lawyers on the other hand had suggested he could repay for his &quot;shocking&quot; crimes by working for a homeless youth shelter in New York or in Rwanda, helping improve health care and develop agriculture in rural areas. In support of its arguments about Gupta&#39;s &quot;exemplary life of uncommon accomplishment&quot; and dedication as a family man despite a demanding career, Gupta&#39;s lawyers had sent the judge more than 400 letters from Gupta&#39;s relatives and supporters. These included former UN Secretary General Kofi Annan and Microsoft chairman Bill Gates that Rakoff has received through his lawyers. Prosecution had alleged that within a minute of disconnecting from a September 2008 board call approving a $5 billion investment in Goldman by Warren Buffett&#39;s Berkshire Hathaway Inc, Gupta had called Rajaratnam, who then invested $40 million in Goldman stock. Gupta was cleared of divulging Proctor &amp; Gamble&#39;s quarterly earnings in January 2009. He was also found not guilty of illegally telling Rajaratnam about Goldman&#39;s quarterly earnings after a March 12, 2007, board meeting. Gupta is one of 23 people criminally charged in a seven-year insider trading conspiracy orchestrated by Galleon hedge fund co-founder Rajaratnam, who is currently serving an 11-year prison sentence.

Former Goldman Sachs director Rajat Gupta, who was found guilty of insider trading, has been sentenced to two years in jail and ordered to pay a $5-million fine.

Ex-Goldman Sachs director Rajat Gupta sentenced to 2 years in jail

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Ex-Goldman Sachs director Rajat Gupta sentenced to 2 years in jail

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