Why didn't Rajat Gupta plead guilty?
By: Bennett
Voyles
In his mind Rajat Gupta had to know the odds were against him.In the movies, the defendant often wins. In real life, charges are dismissed only 8 or 9% of the time, and only 1% of defendants are found not guilty.
Most cases don't even make it to trial: in 2010, 89% of defendants settled with the prosecutor, according to the United States Bureau of Justice Statistics. Generally, defendants get a much shorter sentence in return for their guilty plea.
In Gupta's particular case, the fact that 15 others charged in the same insider-trading scheme had already been sentenced an average of three-and-a-half years in prison did not bode well - particularly as Raj Rajaratnam, president of the Galleon Group, to whom Gupta had allegedly passed secrets right after board meetings at Goldman Sachs and Procter & Gamble, had been sentenced in October 2011 to 11 years in prison, reportedly the longest single term ever meted for insider trading in the US.
In his mind Rajat Gupta had to know the odds were against him.In the movies, the defendant often wins. In real life, charges are dismissed only 8 or 9% of the time, and only 1% of defendants are found not guilty.
Most cases don't even make it to trial: in 2010, 89% of defendants settled with the prosecutor, according to the United States Bureau of Justice Statistics. Generally, defendants get a much shorter sentence in return for their guilty plea.
In Gupta's particular case, the fact that 15 others charged in the same insider-trading scheme had already been sentenced an average of three-and-a-half years in prison did not bode well - particularly as Raj Rajaratnam, president of the Galleon Group, to whom Gupta had allegedly passed secrets right after board meetings at Goldman Sachs and Procter & Gamble, had been sentenced in October 2011 to 11 years in prison, reportedly the longest single term ever meted for insider trading in the US.
Stone cold in court, Rajat Gupta faces an American
winter
---------The Fallen
Star
Walking to and out of the Manhattan Federal Courtsince his trial started last month on May 21, Gupta, 63, could easily have been mistaken for taking a casual jaunt after attending a boardroom meeting. Immaculately dressed in tailored suits and expensive silk ties, he looked his usual confident self, a suave man who knew his exact self-worth, and the world at large.
At the trial, Gupta's personal banker testified, to show that Gupta did not have any need for nefarious dealings to churn money, that his total family assets were around $130 million, including three lavish homes inWestport , Connecticut , Colorado
and Florida
Walking to and out of the Manhattan Federal Courtsince his trial started last month on May 21, Gupta, 63, could easily have been mistaken for taking a casual jaunt after attending a boardroom meeting. Immaculately dressed in tailored suits and expensive silk ties, he looked his usual confident self, a suave man who knew his exact self-worth, and the world at large.
At the trial, Gupta's personal banker testified, to show that Gupta did not have any need for nefarious dealings to churn money, that his total family assets were around $130 million, including three lavish homes in
Rajat Gupta found guilty of Wall Street insider
trading, faces 25 yrs in jail
NEW YORK: Rajat Gupta, a consummate business insider who once sat on the
board of Goldman Sachs Group Inc, was convicted on Friday of leaking secrets about
the investment bank at the height of the financial crisis, a major victory for
prosecutors seeking to root out illicit trading on Wall Street.
AManhattan
A
Rajat Gupta: From lofty board room to lowly jail
cell
With a career graph that could make the best burn with envy, Gupta, who boasts of posts like head of consultancy giant McKinsey, board seats atGoldman Sachs and Procter and Gamble and special adviser to the United Nations, among other things, has done what not many could have done in his 63 years of life.
A
Born in Maniktala in Kolkata, son of a freedom fighter-
turned-journalist father and a school teacher mother, Gupta was orphaned at the
age of 18.
Ranking 15 in the IIT entrance exam of 1966, Gupta was admitted to IIT Delhi on a scholarship from where he did his B-Tech in Mechanical Engineering.
He then came to theUnited
States for a graduate degree and finished top of his
class at the prestigious Harvard
Business School
Ranking 15 in the IIT entrance exam of 1966, Gupta was admitted to IIT Delhi on a scholarship from where he did his B-Tech in Mechanical Engineering.
He then came to the
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