Intel Corp's former MD Rajiv Goel, charged with sharing inside information with Raj Rajaratnam of Galleon Hedge Fund, has been spared jail as he had turned government witness and helped nail the Galleon founder in the biggest US insider trading scandal. Goel apologized and said that he was "deeply ashamed" before sentencing by the New York District Judge Barbara Jones. He was given two years' probation and fined $10,000 and also ordered to forfeit $266,000.
Goel is the second Indian-American charged with insider trading to be spared jail after turning a government witness against Rajaratnam. Goel was arrested with Rajaratnam in 2009 and had pleaded guilty to conspiracy and fraud. He cooperated with the government and provided "substantial assistance" to nail Rajaratnam in his trial in 2011.The other approver former McKinsey executive Anil Kumar was also spared jail and was sentenced to only two years' probation.
Many Wall Street executives have been nailed by US Attorney Preet Bharara's team in the sensational insider trading case. Among them, Rajat Gupta, ex-CEO of McKinsey is the most high profile Indian-American to be convicted, though he is yet to be sentenced.