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Rajat Gupta was sentenced to two years in prison and one year supervised release by Judge Jed Rakoff moments ago, Bloomberg News reports.Gupta was convicted of passing illegal tips to disgraced Galleon chief Raj Rajaratnam while serving on the boards of Goldman Sachs and Procter & Gamble.
The sentencing guidelines called for a 121-month maximum sentence, according to Bloomberg News.
Gupta’s attorney Gary Naftalis had asked that his client go to Rwanda for community service instead of serve time in prison, DealBook reported last week.
Back in June, Gupta, 63, a former McKinsey & Co. exec and former Goldman Sachs board member, was convicted of insider trading, conspiracy and securities fraud by a U.S. jury.
Rajaratnam is currently serving 11 years in prison for orchestrating one of the largest insider trading schemes in history.
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