Wednesday, 24 August 2016
Last updated 2 hours ago
Jun 16 2014 | 8:23am ET
Former McKinsey & Co. chief Rajat Gupta is set to report to prison tomorrow to begin his two-year sentence for insider-trading. But, in his final days of freedom, Gupta is already planning for life after his release.
Gupta, who was convicted in 2012 of passing confidential information about Goldman Sachs to Galleon Group founder Raj Rajaratnam during his time on the bank’s board, has spent much of his time in the interim working on a book, The New York Times reports. The tome, in which Gupta plans to tell his side of the story, will likely be completed after his sentence concludes.
Gupta also hopes to visit his native India upon the end of his sentence—or the overturning of his conviction, which he is appealing to the U.S. Supreme Court. The high court last week rejected his last-ditch effort to remain free on bail during that appeal.
Other, less enjoyable, matters are also likely to take up much of Gupta’s time. There is the matter of his legal bills: Goldman has been covering them, but Gupta has agreed to repay the firm should his appeals fail. That could cost him $50 million. In other matters of personal finance, Gupta may have to declare bankruptcy, which he hopes to do in Florida, where his home would be protected, rather than Connecticut, where it is not.
In recent weeks, Gupta has been spending time with each of his four daughters, and recently visited the Grand Canyon. He’s also spent a good deal of time at his home in Florida, building up the case that it, rather than his home in Connecticut, is his legal residence.
Tomorrow, Gupta will move to a federal prison camp in Devens, Mass., about 40 miles northwest of Boston. Ironically, the facility is adjacent to the Federal Medical Center in Devens, where his former friend Rajaratnam is serving out his 11-year sentence. The prison is significantly further from Gupta’s Greenwich, Conn., home than the camp in Otisville, N.Y., that the trial judge in his case recommended; it is unclear why the Federal Bureau of Prisons chose to ignore that request.