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Rajat Gupta, former Goldman Sachs board member, released from prison

By Ed Adamczyk Follow @adamczyk_ed Contact the Author   |   March 14, 2016 at 8:13 AM

WASHINGTON, March 14 (UPI) -- Former Goldman Sachs board member Rajat Gupta was released by federal authorities after completing his two-year prison term for insider trading.

Gupta, 67, spent the last two weeks of his incarceration under house arrest in New York City after his release from an Ayer, Mass., federal detention facility. He was released Friday, the Federal Bureau of Prisons said.

He was convicted in 2012 of passing confidential information about a $5 billion investment in Goldman Sachs by Berkshire Hathaway to business associate and former hedge fund manager Raj Rajaratnam. Gupta received the prison term, a $5 million fine and a $13.9 million Securities and Exchange Commission penalty. Rajaratham, also convicted, is serving an 11-year sentence at the Massachusetts facility.

Gupta, born in India and educated at Harvard University, also was a board member for Proctor & Gamble, the Rockefeller Foundation and the Bill and Melinda Gates Foundation.

In February, the U.S. Second Circuit Court of Appeals agreed to hear an appeal of his conviction.

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