NEW YORK -- Rajat Gupta, a former director of Goldman Sachs, will spend two years in jail and an additional year on supervised release for his role in a sprawling insider-trading scheme on Wall Street.
U.S. District Judge Jed Rakoff ordered Gupta to report to prison Dec. 11 and pay $5 million in fines. A jury convicted Gupta of securities fraud and conspiracy in June.
Federal prosecutors had sought a prison sentence of as long as 10 years. Gupta's lawyers asked Rakoff for a term of community service, helping homeless youth in New York or rural poor in Rwanda.
Gupta is the highest-profile figure in the federal government's campaign against insider-trading, which Preet Bharara, the U.S. attorney in Manhattan, has called rampant on Wall Street.
Once head of the prestigious consulting firm McKinsey & Co., Gupta also served on the boards of Goldman and consumer goods giant Procter & Gamble Co.
ALSO:
Can the president lower gas prices?
Former Goldman Sachs director Rajat Gupta faces sentencing
Facebook posts a loss but makes gains on mobile ad revenue
