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Family breaks down as court sends Rajat Gupta to 2 years in jail

India TV webteam / Agencies [ Updated 25 Oct 2012, 16:42:26 ]
Family breaks down as court sends  Rajat Gupta to 2 years in jail

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. 

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