Ex-Goldman Sachs director Rajat Gupta could get prison term of 6 years or less
New York: US prosecutors may seek an 8-10 year prison term for ex-Goldman Sachs director Rajat Gupta for his conviction in insider trading but the judge could give the India-born Wall Street executive six years or less, especially in light of his “otherwise unblemished record,” legal experts say.
Gupta, 63, will be sentenced on October 24 by US District Judge Jed Rakoff.
The ex-Mckinsey head is the most prominent corporate executive convicted in the US government’s sweeping investigation into insider trading and his sentencing comes exactly a year after criminal charges were brought against him by India-born US Attorney in Manhattan Preet Bharara. Federal prosecutors and Gupta’s defence team are likely to file their respective memos to the judge this week in which both sides would make a case for what sentence Gupta should be given and what the judge should keep in mind in handing down the prison term.
Ahead of his sentencing, more than 200 prominent business and global leaders, including Microsoft founder Bill Gates and former UN Chief Kofi Annan, have written letters of support to
Rakoff detailing Gupta’s philanthropic work.
Rachel Barkow, a Professor of Regulatory Law and Policy at the New York University School of Law, said the “realistic” applicable baseline range for sentencing for Gupta would be either 6-10 or 8-10 years but it is that Rakoff could go to the high end of this range.
“It is more likely that Rakoff could decide on a six year or even lower prison term for Gupta,” Barkow told PTI. “It is not necessary to give Gupta a high sentence to serve the purpose of punishment, particularly in light of his otherwise unblemished record.”
Gupta will in all likelihood appeal against any prison term he gets.
Category: Business, Business News
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I am NOT related to this man!
Having said that, I am a young MBA of Indian descent who looked up to Rajat Gupta as an icon and a role model.
But doing all good deeds and philanthropy does not help wash off consequences of his crime.In fact he should get the maximum punishment because instead of being an example he abused his position and allowed his greed to take over.
Will a judge reduce the punishment for a petty thief because his friends vouch that the culprit regularly doled out change to beggars on the street?
I am even more sad that a man of Indian origin who held such a great status, became the senior most businessman ever convicted of such a crime. My only consolation is that his prosecutor is also of India origin!
My appeal to the judge…lock him up and lose the key!