…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]

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Comments (14)

  1. Posted by .Bo.Bo | April 9, 2014 at 10:39 AM
  2. Posted by Ted E. | April 9, 2014 at 11:06 AM

    I really like the idea that good behavior prior to crime can get you off a prison sentence. Like a negative jail time. Perhaps this could be codified in law? A good healthy living for seventy years, and you get a free shot at finally killing that neighbor you've been hating for years now.

  3. Posted by guest | April 9, 2014 at 11:19 AM

    Wasn't Rajat (pre-arrest) worth something like $100 million? And is lawyers' strategy is to tell some $150 grand a year appeals court judge that a $14 million fine against that is cruel and unusual? Get new lawyers Rajat…

  4. Posted by guest | April 9, 2014 at 11:21 AM

    Yes, as long as you don't grab the silverware on your way out of his house. Because apparently a crime has no victim, and is thus not a crime, unless the perpetrator accrues "direct financial benefit."

  5. Posted by Jeff Mackerel | April 9, 2014 at 11:29 AM

    Don't throw shekels in glass banks, it will scare the grouper.

  6. Posted by Guest | April 9, 2014 at 11:31 AM

    $13.90? Can he just buy them a month of Brazzers and call it even?

  7. Posted by Guest | April 9, 2014 at 11:38 AM

    They always forget about the legitimate years…

  8. Posted by Ravaging Raj | April 9, 2014 at 12:04 PM

    Not in Lompoc/Butner FCI we don't.

    We'll see you soon.

  9. Posted by Danker_Banker | April 9, 2014 at 12:39 PM

    You also get extra jail credit for having a high net worth and flying first class or private.

  10. Posted by Quant me maybe... | April 9, 2014 at 1:38 PM

    Re: This shit (Part III) …

    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”

    >Yeah. Like working at McKinsey is not crime enough to send you to Attica for a good long stretch. Nothing quite like being the guy that provides the recent college grads that interview middle management so they can justify firing, like everyone, based on their shit strategy and fucking retard spineless golf buddy board members.

  11. Posted by guest | April 9, 2014 at 2:19 PM

    This was a "dramatic deviation" from a lifetime that has been otherwise marked by not getting caught red-handed.

  12. Posted by Free Jeff Skilling! | April 9, 2014 at 2:32 PM

    How many former McKinsy folk have gone to jail?

  13. Posted by Raj's Barber | April 9, 2014 at 2:40 PM

    Even his hair is standing on end from how ridiculous that sounds.

  14. Posted by Lisa Hanawalts | May 7, 2014 at 1:39 AM

    Most of time may be possible without a victim, criminal lawyer face out more difficulties and paid some penalty sum of Gupta's case. I hope Gupta's lawyer help on this matter and turns out to in this case.