Rajat Gupta gets 2 years in jail for insider trading; fined $5 million

Rajat Gupta, the former Goldman Sachs director, has been sentenced to two years in jail for insider trading by a US court. He has also been fined $5 million. Mr Gupta, 63, was convicted in June this year of leaking boardroom secrets to hedge fund manager Raj Rajaratnam, his friend and former business associate, at the height of the financial crisis. He was sentenced by Manhattan U.S. District Judge Jed Rakoff, who oversaw the four-week trial. The former Goldman director, who also once ran the McKinsey & Co consulting firm and sat on the boards of Procter & Gamble Co and American Airlines, is the most influential corporate figure to be convicted in the recent crackdown on insider trading.