New York, Oct 25: Rajat Gupta, a former Indian-American director of Goldman Sachs Group, has been sentenced to two years in prison for leaking boardroom secrets to the former Sri Lankan-American hedge fund manager Raj Rajaratnam.
Judge Jed S. Rakoff of Federal District Court in Manhattan Wednesday handed down Kolkata, India born Gupta, 63, 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.
A devastated India-born Rajat Gupta 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.