Rajat Gupta found guilty of insider trading, faces 25 yrs in jail

mullu · 16-06-2012, 10:24 PM

A federal jury on Friday convicted Rajat Gupta, the Indian-American business icon who strode the US corporate world and moved with the country's high and mighty, of insider trading in a case that illustrated greed, guts, and glory in America's most successful immigrant community.

Gupta, 63, a former director of Goldman Sachs and Procter and Gamble among other storied companies, was found guilty on four out of six counts—three for securities fraud and one for conspiracy. He could receive up to 25 years in prison. The maximum sentence for securities fraud is 20 years and the maximum sentence for conspiracy is five years. But Gupta's defence team indicated that ten years was the maximum he would get.

Gupta is free to appeal, but in the US such verdicts are rarely overturned. He will be out on bail till the sentencing is announced on October 18.

Who is Rajat Gupta?

Rajat Kumar Gupta is an Indian American businessman who was the managing director (chief executive) of management consultancy McKinsey & Company from 1994 to 2003 and a business leader in India and the United States. He was arrested in late 2011 by the FBI on insider trading charges stemming from the Raj Rajaratnam Galleon Group case and was convicted on four felony counts of conspiracy and fraud in June 2012.

In his capacity at McKinsey, Gupta was recognized as the first Indian-born CEO of a global corporation. After retiring from active practice, while maintaining an affiliation at McKinsey, Gupta served as corporate chairman, board director or strategic advisor to a variety of large and notable organizations: corporations including Goldman Sachs, Procter and Gamble and American Airlines, and non-profits including The Gates Foundation, The Global Fund and the International Chamber of Commerce.

Rajat Gupta is additionally the co-founder of four different organizations: the Indian School of Business with Anil Kumar, the American India Foundation with Victor Menezes and Lata Krishnan, New Silk Route with Parag Saxena and Victor Menezes, and Scandent with Ramesh Vangal.

http://en.wikipedia.org/wiki/Rajat_Gupta

16-06-2012, 10:24 PM	#1
mullu Member Join Date: Jun 2012 Posts: 55 Rep Power: 12	Rajat Gupta found guilty of insider trading, faces 25 yrs in jail A federal jury on Friday convicted Rajat Gupta, the Indian-American business icon who strode the US corporate world and moved with the country's high and mighty, of insider trading in a case that illustrated greed, guts, and glory in America's most successful immigrant community. Gupta, 63, a former director of Goldman Sachs and Procter and Gamble among other storied companies, was found guilty on four out of six counts—three for securities fraud and one for conspiracy. He could receive up to 25 years in prison. The maximum sentence for securities fraud is 20 years and the maximum sentence for conspiracy is five years. But Gupta's defence team indicated that ten years was the maximum he would get. Gupta is free to appeal, but in the US such verdicts are rarely overturned. He will be out on bail till the sentencing is announced on October 18. Who is Rajat Gupta? Rajat Kumar Gupta is an Indian American businessman who was the managing director (chief executive) of management consultancy McKinsey & Company from 1994 to 2003 and a business leader in India and the United States. He was arrested in late 2011 by the FBI on insider trading charges stemming from the Raj Rajaratnam Galleon Group case and was convicted on four felony counts of conspiracy and fraud in June 2012. In his capacity at McKinsey, Gupta was recognized as the first Indian-born CEO of a global corporation. After retiring from active practice, while maintaining an affiliation at McKinsey, Gupta served as corporate chairman, board director or strategic advisor to a variety of large and notable organizations: corporations including Goldman Sachs, Procter and Gamble and American Airlines, and non-profits including The Gates Foundation, The Global Fund and the International Chamber of Commerce. Rajat Gupta is additionally the co-founder of four different organizations: the Indian School of Business with Anil Kumar, the American India Foundation with Victor Menezes and Lata Krishnan, New Silk Route with Parag Saxena and Victor Menezes, and Scandent with Ramesh Vangal. http://en.wikipedia.org/wiki/Rajat_Gupta