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Rajat Gupta, former director of Goldman Sachs, released from jail

| | Mar 14, 2016, at 06:59 pm
New York, Mar 14 (IBNS) Rajat Gupta, the former director of Goldman Sachs, who was found guilty of insider trading and was serving a two-year prison term, was released on Mar 11, according to media reports.
 
Gupta's prison term was to end on Mar 13, which being a Sunday, he was released on Friday.
 
During his 2012 conviction, he was also fined US$5 million and the Securities and Exchange Commission asked him to a pay a penalty of US$13.9 million.
 
Gupta, 67, was accused of passing confidential information -- about Berkshire Hathaway Inc.’s $5 billion investment in the bank and its financial results -- to his friend and associate Raj Rajaratnam, co-founder of the Galleon Group LLC hedge fund, according to media reports.
 
After being convicted, Gupta had made several appeals, including to the US Supreme Court, to overturn his conviction and prison term but did not meet with any success.
 
Gupta served 19 months in federal prison in Massachusetts and was freed in Feb after receiving credit for good behaviour against his 30-month sentence; Gupta completed the last two months of his prison term at his home in Manhattan but as a federal inmate had to wear an ankle bracelet so that his movements could be monitored.  
 
On Feb 4, 2016, the US Second Circuit Court of Appeals agreed to rehear an appeal to throw out his insider-trading conviction.
 
#Rajat Gupta # Goldman Sachs

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