exgoldman director gets 2 years for inside trades
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

Ex-Goldman director gets 2 years for inside trades

Arab Today, arab today

Arab Today, arab today Ex-Goldman director gets 2 years for inside trades

New York - AFP

Former Goldman Sachs board member Rajat Gupta, the biggest target of a US government blitz on insider trading, was sentenced to two years in prison Wednesday, far less than what prosecutors had demanded. US District Judge Jed Rakoff in New York cited Gupta\'s \"extraordinary\" contribution to humanitarian and educational causes during his climb to the pinnacle of the US business world as the reason for rejecting the 10-year sentence sought by prosecutors. However, he also turned down a defense request for a lesser, community service punishment that attorneys suggested could have been carried out by helping the poor in Rwanda. Senior executives committing insider trading \"must be made to understand that when you get caught, you will go to jail,\" Rakoff said. Gupta, 63, must also pay a $5 million fine and was ordered to turn himself in on January 8. The Indian-born high-flier, whose wife, daughters and other members of his extended family sat behind him, was solemn, but showed no emotion as he heard his fate. A few minutes earlier, he had told the court that this was \"the most challenging of my life since I lost my parents as a teenager.\" \"I\'ve lost the reputation that I\'ve built for a lifetime,\" he said. \"I regret terribly the impact of this matter on my family, my friends and the institutions that are dear to me.\" Gupta was convicted in June of spilling boardroom secrets to his friend Raj Rajaratnam, the former Galleon hedge fund tycoon who was sentenced last year to 11 years in prison for his role at the center of an insider trading ring. In addition to his spot on the Goldman Sachs board, Gupta had been head of the renowned consultancy McKinsey & Co, and a director of Procter & Gamble, making him one of the most successful Indian immigrants in the United States. With his conviction after a three-week trial, he became the biggest scalp for fellow Indian immigrant Preet Bharara, the chief Manhattan federal prosecutor who has made a name for himself with a crackdown on Rajaratnam\'s insider network. Rakoff said that Gupta, a major philanthropist who has been a leader in fighting malaria in Africa and in helping disadvantaged youths, \"deserves credit.\" The federal judge noted that several jurors cried as they delivered their guilty verdict \"because they recognized this was a person with some very good attributes.\" However, Gupta\'s feeding of secret business information about Goldman Sachs to Rajaratnam at the height of the 2008 Wall Street financial crisis was \"disgusting\" and the \"equivalent of stabbing Goldman in the back.\" The corrosive effect of insider trading, Rakoff said, \"is to place in jeopardy the value of the marketplace, which is one of the most valuable assets the country possesses.\" Bharara said after the sentencing that Gupta had \"forever tarnished a once-sterling reputation that took years to cultivate.\" \"We hope that others who might consider breaking the securities laws will heed this sad occasion and choose not to follow in Mr Gupta\'s footsteps,\" Bharara added. At the FBI, Acting Assistant Director in Charge Mary Galligan said that Gupta\'s disgrace was a warning to others. \"He broke the law. That is what he has to answer for today. The sentence imposed should send a clear message: providing a tip to a friend, when the tip is insider information, has consequences,\" she said. Securities attorney Mark Rifkin said Rakoff correctly balanced both the good and bad in Gupta\'s record. \"As a former prosecutor and criminal defense lawyer, Judge Rakoff understood both sides of the argument, and the relatively light sentence he imposed balances Gupta\'s misuse of his position against a lifetime of good work,\" Rifkin said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

exgoldman director gets 2 years for inside trades exgoldman director gets 2 years for inside trades

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

exgoldman director gets 2 years for inside trades exgoldman director gets 2 years for inside trades

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday