Washington, July 18: Rajat Gupta, the former Goldman Sachs Group Inc. director who was found guilty of passing confidential tips to jailed billionaire hedge-fund manager Raj Rajaratnamwas, was ordered to pay a $13.9 million civil penalty and banned from serving as an officer or director of a public company.
The US Securities and Exchange Commission said the order was issued earlier in the day by US District Judge Jed Rakoff in Manhattan, who also oversaw Gupta's related criminal trial.
Gupta, 64, was found guilty on June 15, 2012 of divulging confidential information to the Galleon Group LLC co-founder about Berkshire Hathaway Inc.'s $5 billion investment in Goldman Sachs as well as nonpublic details about the bank's financial results for the second and fourth quarters of 2008. In October, Gupta was sentenced to two years in prison and ordered to pay a $5 million criminal fine. He is free pending his appeal of the decision.
