New York, Oct 25: Rajat Gupta, a former Indian-American director of Goldman Sachs Group, was Wednesday sentenced to two years in prison for leaking boardroom secrets to former Sri Lankan-American hedge fund manager Raj Rajaratnam.
Judge Jed S. Rakoff of Federal District Court in Manhattan handed down a more lenient prison sentence than the eight to 10 years stipulated by law. He was also ordered to pay a $5 million fine.
In a statement, Preet Bharara the Indian-American attorney in Manhattan, said of Gupta, “His conduct has forever tarnished a once-sterling reputation that took years to cultivate.”
“We hope that others who might consider breaking the securities laws will take heed from this sad occasion and choose not to follow in Gupta’s footsteps,” he added.