Tags: Galleon Group, Goldman Sachs, insider-trading, Raj Rajaratnam, Rajat Gupta, you win some you lose some
The less good news is that a jury found the former McKinsey executive guilty on three counts of securities fraud and one count of conspiracy for passing material non-public information to his friend*, convicted insider trader Raj Rajaratnam. The good news:
1. Rajat could go to jail for twenty years but probably won’t (“Gupta faces up to 20 years in prison on each of the fraud charges and up to five years for the conspiracy charge. But his sentence is likely to be significantly lower under federal guidelines.”)
2. Sentencing is scheduled for October 18 so he’s got the whole summer and then some to get into a Zen place about going to prison. Also! Plenty of time to do all those things he was too busy for when he was working. Read a whole book, from beginning to end. Play frisbee golf. Whatever. This is gonna be his time. Time to taste the fruits and let the juices drip down his chin. The Summer of Rajat!
Gupta Found Guilty Of Insider Trading [WSJ]
*Friend Rajat’s ass.