Saturday, 30 April 2016
Last updated 7 hours ago
Apr 21 2014 | 1:33pm ET
Former McKinsey & Co. chief Rajat Gupta’s fall from the heights of global business to an orange jumpsuit will culminate on June 17, when he’ll surrender to authorities to begin his prison sentence on insider-trading charges.
Gupta was convicted in 2012 of passing confidential information about Goldman Sachs, where he served on the board of directors, to Galleon Group founder Raj Rajaratnam. Rajaratnam, a longtime Gupta friend and business partner, was also convicted and is serving an 11-year sentence.
Gupta was sentenced to two years in prison, but was allowed to remain free pending his appeal. But his bid for a new trial failed last month, leading to the surrender date.
U.S. District Judge Jed Rakoff, who oversaw Gupta’s trial, has recommended that Gupta be sent to the federal prison in Otisville, N.Y., about 90 miles from Gupta’s Westport, Conn., home.