Rajat Gupta: American Dream Gone Wrong?
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Code : GOV0063 |
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Introduction: In June 2012, Rajat Gupta (Gupta), former Managing Director and partner of McKinsey & Co , was convicted by a federal jury for passing on insider information to hedge fund manager Raj Rajaratnam. Gupta, who lost his parents at a young age and later immigrated to the United States of America, had reached the pinnacle of corporate America by sheer hard work and dedication. He was the first non-American CEO of any financial institution in America and was considered to be a perfect example of the American Dream. |
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Gupta was also a Director at Goldman Sachs Group Inc. (GS) and Procter & Gamble Co. (PG). Gupta, at the age of 63, was found guilty on three counts of securities fraud and one count of conspiracy. Securities fraud carried a maximum prison sentence of 20 years, and conspiracy carried a maximum prison sentence of five years. U.S. District Judge, Jed Rakoff, granted bail to Gupta so that he could remain free until his sentencing on October 18, 2012.
“I wanted to believe the allegations weren’t true,” Lepkowski, the jury foreman, said “Here was a man who came to this country and was a wonderful example of the American Dream. But at the end of the day, those allegations on which we found guilt -- the evidence was overwhelming ."...
