U.S. prosecutors seek up to 10 yrs in prison for ex-Goldman Sachs director Rajat Gupta

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Washington, Oct 18: US prosecutors have urged a judge to send former Indian-American Goldman Sachs director Rajat Gupta to prison for at least eight years, for his conviction in insider trading.

The written arguments were submitted to U.S. District Judge Jed Rakoff, who this year presided over the trial in which Gupta was convicted.

Describing Gupta’s crime as ‘shocking’, the government, in its papers, said eight years to 10 years was necessary to reflect the seriousness of the crimes by a man who demonstrated “above-the-law arrogance” and deter others “from stealing corporate secrets and engaging in a crime that has become far too common.”

Kolkata-born Gupta was convicted in an insider trading case that resulted in convictions for two dozen other people, including Raj Rajaratnam, a one-time billionaire hedge fund founder.

According to CBS News, Gupta’s defence lawyers suggested, however, suggested that their client should serve no time at all after his ‘monumental fall.’

Defense lawyers argued that his life story was “defined by helping others and one fundamentally at odds with the events of this case.”

They cited more than 400 letters written on his behalf, including ones mentioning his charity that were signed by Microsoft co-founder Bill Gates and former United Nations Secretary-General Kofi Annan, the report said.

They also noted that Gupta did not profit from the trading that resulted from his tips and did not engage in any trading of his own, though they acknowledged that there was “vague and amorphous evidence relating to the ongoing business relationship and prospective arrangements” between Gupta and Rajaratnam. (ANI)