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Riches to Rags Story of an Indian American Tycoon
Bangalore: Rajat Gupta, the Indian American tycoon was convicted by a federal jury on Friday, putting an end to the fortnight long trials. He was found guilty of four out of six counts- three for securities fraud and one for conspiracy.
It is believed that Rajat will receive up to 25 years of imprisonment; 20 years for securities fraud and the rest five years for conspiracy. But according to Gupta’s defence team, he would not have to spend more than ten years in jail.
Gupta is free to appeal and he will be out on bail till October 18, the day when his sentencing will be announced.
"Having fallen from respected insider to convicted inside trader, Gupta has now exchanged the lofty board room for the prospect of a lowly jail cell," said New York Southern District US Attorney Preet Bharara.
