Mr. Rajat Gupta Asked for $6.2 Million as Compensation

.

Mr. Rajat Gupta Asked for $6.2 Million as Compensation

After the accusations against the Goldman Sachs director, Rajat K. Gupta, for breaching loyalty after he was found leaking information of boardrooms to the hedge fund manager Raj Rajaratnam, he has been convicted over the charges.

He has been charged with the breach of loyalty and has been asked to reimburse more than $6.2 million. This is the amount that the bank had to give to the counsel at the law firm Sullivan & Cromwell for an internal investigation and other legal expenses.

The bank has asked for the money on the basis of the Mandatory Victims Restitution Act. The law allows the victims to receive the compensation for losses because of the insider trading crime by the disloyal employee.

The charges were verified when the judge Rakoff did not find any evidence that spoke in defense of the accused. After checking 542 pages of company's billing records, it was seen that there was a cut in the bill by 10% after there were some outside entries.

A federal judge announced his judgment and asked for two years of imprisonment for him. He is out on bail but has been asked for restitution.

According to Michael Duvally, a Goldman spokesman said that the bank was happy with the fact that Mr. Gupta was asked to pay for the compensation.


Latest News

Carrier and Ford moving Jobs to Mexico from U.S
Bank of America’s CEO Gets a Twenty Three Percent Pay Boost
Nigeria clears Olympic Contingent to travel to Brazil
Study shows women under 65 will spend a third of their lives in retirement
Crude Oil Prices Scale Almost Six Percent but Analysts Not too Optimistic about
Whole Foods Reports Rise in Overall Sales in the Recent Quarter
Time Inc. Acquires Viant; Terms of Deal not Specified
iRobot Corporation , the Maker of Roomba Vacuum Moving Out of Defense and Securi
Telecom Regulatory Authority of India bans Facebook’s Free Basics
Obama Administration's final budget request offers $19 billion for NASA in fisca
Scientists say their discovery may help explain the Great Attractor
Scientists may Confirm Existence of Gravitational Waves Today