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…and that $13.9 million in civil penalties, on top of the two years in prison he’s supposed to serve after being convicted of insider trading, plus the scratch he owes Goldman for sharing its material non-public information with a hedge fund friend, is taking things too far.
In a 23-page brief filed with the Court of Appeals on Monday, Gupta’s lawyers said the insider trading violations due to which he was convicted were a “dramatic deviation” from a lifetime that has been otherwise marked by “outstanding professional accomplishment” and he should not be made to pay a “heavy criminal penalty”. Gupta’s lawyers said he did not accrue any “direct financial benefit” from the insider trading offences and yet he has been ordered to pay a “heavy price” of two years in prison, a USD five million fine and a separate USD six million in restitution to Goldman Sachs.
Rajat Gupta asks court to rethink order to pay $13.9 million penalty [Times of India]