Former Goldman Sachs Group Inc. Director Rajat Gupta, convicted of insider trading in a scheme masterminded by hedge fund billionaire Raj Rajaratnam, joined his co-conspirator in a Massachusetts federal prison to begin serving a two-year sentence.
Ex-Galleon Group LLC trader Rengan Rajaratnam’s jury was picked for an the insider-trading case in which the U.S. says he used illegal tips provided by his older brother, imprisoned billionaire fund manager Raj Rajaratnam.
Rajat Gupta, the former Goldman Sachs Group Inc. director convicted in a 2012 insider trading scheme tied to the Galleon Group LLC hedge fund, agreed to surrender to prison authorities on June 17 to begin a two-year sentence, a federal judge in Manhattan said.
Raj Rajaratnam, the hedge fund manager sentenced to 11 years in prison for insider trading, was assigned to a federal prison medical center in Massachusetts, according to a person familiar with the matter.
Ex-Qwest Communications International Inc. chief Joseph Nacchio shouldn’t be allowed an income tax deduction for the $44.6 million he forfeited after his conviction for insider trading because it would undercut his punishment, a government lawyer said.