Trial Time 3 Weeks Rajat Gupta Convicted of Securities fraud one of biggest fraud
The trial began on May 21, 2012 and lasted for three weeks.
Do you think this can happen in India?
Name – Rajat Gupta
Age – 63 years old
Birth Place – Calcutta, India
Studied – IIT Delhi B-Tech in Mechanical Engineering and Harvard Business School
He worked as
Head of consultancy giant McKinsey
Former - Goldman Sachs director
Procter and Gamble
Special adviser to the United Nations
He was a director of the AMR Corporation, the parent company of American Airlines
He is also the co-founder of the Indian School of Business in Hyderabad.
He was also appointed as special advisor on management reform to then UN Secretary-General Kofi Annan.
Galleon hedge fund founder Rajaratnam had made an anonymous contribution of a million dollars to the Indian School of Business, Hyderabad
What was the accusation or Crime of Rajat Gupta?
Prosecutors had accused Rajat Gupta of providing market-moving information to hedge fund manager Rajaratnam, while serving on the board of Goldman Sachs and heading McKinsey&Co.
A federal court in Manhattan in New York found Rajat Gupta guilty of providing insider information to his former friend Rajaratnam, who was sentenced last year to 11 years in prison for insider trading.
He was convicted on three counts of securities fraud and one count of conspiracy for passing along confidential boardroom information about Goldman and Proctor & Gamble companies to the hedge fund that earned millions of dollars trading on his tips.
On October 18, 2012 Court will pronounce the sentence that is punishment.
How much punishment Court may give to Rajat Gupta?
The punishment for the crime of Securities fraud carries a maximum prison sentence of 20 years while conspiracy carries a five-year maximum prison sentence.
Do you think this is possible in India if same happens in India?
Do you think in 3 weeks Court can give judgment in India?
American laws are good and don’t give chance.
Indian laws are full of loopholes which encourage corruption and tendency is that when new laws are made that time also they are made in such a way that they encourage one to do Crime and never to go to Jail.
Reality views by sm –
Friday, June 15, 2012
Tags – Rajat Gupta Fraud