ibnlive » Business

Oct 25, 2012 at 11:30pm IST

Insider trading: Rajat Gupta regrets damage to reputation

New York: It's a fall from grace for a man who had built himself a reputation as a humanitarian. Fallen Wall Street tycoon Rajat Gupta was sentenced to two years in prison on Thursday and a five million dollar fine was imposed for securities fraud and insider trading, the judge, refusing to be lenient despite appeals from influential people like Bill Clinton, Bill Gates and Kofi Annan.

In the end, Gupta spoke out in court for the first time. "I regret terribly the impact of this matter on my family, my friends and the institutions that are dear to me. I have lost my reputation I built for a lifetime. The verdict was devastating," he said.

The US district court judge who sentenced Rajat, acknowledged his charitable work. "I think the record, which the government really doesn't dispute, bears out that he is a good man. But the history of this country and the history of the world, I'm afraid, is full of examples of good men who do bad things."

Prominent Indian-American lawyer Ravi Batra, who is on the board of New York State's Public Ethics Commission, said, "He made an example of himself by violating the law. What happened today is that the judge, as every sentencing judge does, sat like god and settled his books. His good deeds, bad deeds and criminal deeds. Because he had a lot of good deeds, he got a low sentence."