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Rediff.com  » Business » Gupta may be assigned to NY's medium-security prison

Gupta may be assigned to NY's medium-security prison

Last updated on: October 25, 2012 12:30 IST

Gupta may be assigned to NY's medium-security prison


F
allen Wall Street tycoon Rajat Gupta was, on Wednesday, sentenced to two years in prison and ordered to pay a $5 million fine by a US judge who termed the Indian-American's insider trading crimes as "disgusting" and a "terrible breach of trust".

Dressed in a dark blue suit, Gupta looked tensed and appeared to hold back tears as his sentencing proceedings began in Manhattan federal court in New York on Wednesday. He sat expressionless as Judge Rakoff read the 15-page sentence at the endof the hearing which lasted over two and a half hours.

Gupta's sentencing comes exactly a year after he was charged with securities and conspiracy fraud, for which he hadfaced a maximum sentence of 25 years and marks a stunning fall from grace for the Indian-American who rose through the ranks to become one of the most prominent titans on Wall Street.




Source: ANI