Rajat Gupta is headed to prison.
Yesterday, U.S. District Judge Jed Rakoff sentenced the 63-year-old former Goldman Sachs Group Inc. board member and head of McKinsey & Co. to two years in prison for his insider trading crimes, which he called "disgusting" and "a terrible breach of trust." Rakoff also ordered Gupta to pay a $5 million fine.
In June, a jury convicted Gupta of insider trading for passing confidential Goldman Sachs financial information to Galleon Group hedge fund co-founder Raj Rajaratnam, who was sentenced to 11 years in prison last October for insider trading. Gupta faced a maximum sentence of 25 years in prison.
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