Rajat Gupta To Receive Sentence For Hedge Fund Fraud Today

New York (HedgeCo.Net) – At 2:00pm today Rajat Gupta, a former member of the Board of Directors at Goldman Sachs, will receive his prison sentence by U.S. District Judge Jed Rakoff.

Gupta was found guilty on June 18th 2012 by a jury in Manhattan federal court. He was accused of conspiracy and securities fraud crimes stemming from his involvement in an insider trading scheme with his business partner and friend, Raj Rajaratnam, the founder and former head of the Galleon Group hedge fund.

Rajaratnam will be seeking to overturn his conviction in court tomorrow. Rajaratnam’s lawyers plan to argue that the investigators left out key information when they sought court approval for their wiretap in 2008.

Gupta’s lawyers will ask for probation and community service, proposing that he work with needy children in New York or the poor in Rwanda, Bloomberg reports.

Alex Akesson
Editor for HedgeCo.net
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