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Feds Seek 8 Years for Ex-Goldman Director in NY

Wednesday, October 17, 2012

Rajat Kumar Gupta, former Goldman Sachs board member, leaves a Manhattan court after surrendering to federal authorities October 26, 2011. (Spencer Platt/Getty Images)

The government says a former Goldman Sachs board member convicted in New York of insider trading charges should serve at least eight years in prison.

Written arguments were filed in Manhattan federal court Wednesday over the fate of Rajat Gupta. The former board member for Goldman and Procter & Gamble Co. faces sentencing Oct. 24.

Gupta is from India. He was convicted in an insider trading case that resulted in convictions for two dozen other people, including a one-time billionaire hedge fund founder from Sri Lanka.

The government says a prison term between eight years and 10 years is necessary to reflect the seriousness of the crimes and deter others.

Gupta's lawyers want him spared time behind bars. They say leniency is necessary for a man whose life is defined by helping others.

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