Rajat Gupta, the fallen icon and former Goldman Sachs board member has been sentenced to 2 years prison for feeding inside information to a billionaire hedge fund owner Raj Rajaratnam.
It is being seen as a relief fior the ex-McKinsey CEO as the widespread belief was that he would get a much longer sentence, as had been argued by the prosecution. Rajat Gupta was also ordered to pay a $5 million fine. The Harvard-educated businessman long respected on the Wall Street was a big catch for the federal government in its crackdown on insider trading
The judge said that a prison sentence was warranted to send a message that when you get caught, you will go to jail. Rajaratnam is already serving an 11-year prison sentence after his conviction last year.