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Rajat Gupta should pay $15 million as penalty, says US government

The US government has asked a court in New York to slap a maximum penalty of US $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.
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New York:

The US government has asked a court in New York to slap a maximum penalty of US $15 million on India-born fallen Wall Street titan Rajat Gupta and permanently bar him from serving as director of any publicly-traded firm for his "terrible breach of trust" by indulging in insider trading.

Weeks after the former Goldman Sachs Director was handed down a two-year jail term and fined US $5 million by US District Judge Jed Rakoff, the US Securities and Exchange Commission (SEC) said he should be ordered to pay a maximum civil penalty of US $15 million, which would be thrice the US $5 million in gains and losses avoided as a result of his "illegal conduct".

Mr Gupta, 63, who is set to begin his prison term in January, has filed an appeal against his conviction in the US Court of Appeals for the Second Circuit.

According to the Notice of Appeal filed by his lawyer Gary Naftalis in US District Court, Southern District of New York, Mr Gupta's "appeal concerns conviction only."

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