Saturday, 26 July 2014
Last updated 14 hours ago
Oct 24 2012 | 4:40am ET
As punishment for his insider-trading crimes, Rajat Gupta's lawyers have proposed an interesting sanction for the former McKinsey & Co. chief: a trip to Rwanda.
Gupta will be sentenced for passing confidential corporate information to his friend, Galleon Group founder Raj Rajaratnam, today. He faces up to a decade in prison, and while prosecutors are pushing for jailtime, Gupta's own lawyers have proposed probation and community service that could include work with the poor in Rwanda, or New York.
Gupta was convicted in June of passing tips to Rajaratnam. According to prosecutors, he acquired the information serving on the boards of directors of Goldman Sachs and Procter & Gamble.
Prosecutors pushing to send Gupta to prison noted that he was "at the pinnacle of a profession built on protecting client confidences," but "time and time again, over the span of nearly two years, Gupta flouted the law and abused his position of trust."
By contrast, Gupta's own lawyer wrote that he "has lived an exemplary life of uncommon accomplishment, compassion and generosity," and urged that he be allowed to continue to do so, working with needy children in New York or the poor in Rwanda.
Gupta is currently free on bail. He could seek to remain so even if he receives a prison sentence, pending appeal.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…