Rajat Gupta released after completing 2-year prison term

New York: India-born former Goldman Sachs director Rajat Gupta has been released after completing his two-year prison term, weeks after a US court agreed to rehear his appeal to throw out his 2012 insider trading conviction.

Gupta, 67, was “released” on 11 March, according to his record at the Federal Bureau of Prisons. While Gupta’s prison term was to end on 13 March, but since the date fell on a Sunday, he was released on Friday, four years after he lost his insider trading trial and suffered multiple legal setbacks to overturn his conviction.

The Harvard-educated was convicted in his 2012 trial of passing confidential boardroom information to his one-time friend and business associate Raj Rajaratnam. Apart from the two-year prison term, he was fined $5 million and the Securities and Exchange Commission also slapped a $13.9 million penalty against him.

Gupta started out his prison term in 2014 at FMC, Devens- an administrative security federal medical centre with an adjacent minimum security satellite camp in Ayer, Massachusetts.

Rajaratnam is serving an 11-year sentence for insider trading in the main prison adjacent to where Gupta was assigned. His attorneys did not immediately respond to emails on whether Gupta would make a statement following his release.

Click here for more…