Zee Media Bureau
New Delhi/Washington: India-born former Goldman Sachs director Rajat Gupta is scheduled to begin his two-year prison sentence for insider trading on Tuesday.
Gupta is set to report to federal prison the same day that former hedge fund manager and billionaire Raj Rajaratnam's younger brother, Rengan, goes on trial in New York on insider trading charges.
Gupta, 65, was convicted in June 2012 of passing confidential tips he heard at Goldman board meetings to his friend Rajaratnam. Rajaratnam, the founder of Galleon Group, is serving an 11-year prison term for insider trading.
A three-judge panel of the 2nd Circuit previously denied Gupta’s appeal of his conviction; he has asked the full circuit to rehear his argument.
Gupta, also the former global managing director of the consulting firm McKinsey & Co, is the highest-ranking corporate official to be convicted in the government’s insider trading probe that has convicted 81 people at trial or through guilty pleas since August 2009.
Meanwhile Gupta has asked a federal appeals court to reduce a USD13.9 million civil penalty and shorten his lifetime ban from serving as an officer of a public company.
With Agency Inputs
