Rajat Gupta spoke in court with apology and regret
San Francisco, CA -- (SBWIRE) -- 11/23/2012 -- The former director of Goldman Sachs, Indian-born Rajat Gupta, was sentenced to two years in prison today for insider trading.
Gupta spoke to the court for six minutes before his sentencing was handed down by U.S. District Judge Jed Rakoff, expressing his genuine apologies for all of the people he negatively affected with his poor decision making. Gupta was indicted on security fraud and conspiracy, and with his sentence, was also slapped with a $5 million fine.
Gupta’s speech to the court was heartfelt and apologetic in tone: “The last 18 months have been the most challenging period of my life since I lost my parents as a teenager. I have lost my reputation that I have built over a lifetime.”
He continued, “the overwhelming feelings in my heart are of acceptance of what has happened, of gratitude to my family and friends, and of seeking forgiveness from them all. It is with these feelings that I hope to move forward and dedicate myself to the service of others.”
“Much of the first year seemed surreal to me, however, since the trial, I have come to accept the reality of my life going forward. I want to say here that I regret terribly the impact of this matter on my family, my friends and the institutions that are dear to me.”
Gupta stated, “I had the privilege of touching many lives in many fields. I mentored many young people, and many more view me as a role model. I served on many boards and many advisory positions with institutions that I hold in the highest regard.
“I have given a lot of thought to them during these last 18 months. These are extraordinary institutions and outstanding people, and I feel terrible that they have been burdened with totally undeserved negative attention. I apologize to them and ask for their forgiveness.
He noted the predicament of growing industry, stating, “These are very young institutions and in the early years of developing a reputation. I love these institutions as if they were my own children. I never want to hurt them in any way. Most importantly, I regret terribly any potential damage to their outstanding reputations.”
“My family has always meant the world to me. My brothers, sisters, in-laws, nephews and nieces have all surrounded me in these 18 months to comfort me and to give me courage. Every time I look at their faces, I get overcome with a deep sense of letting them down.”
“It is unbearable to me to see how much they have suffered. I just feel terribly that I have put them through this,” said Gupta.
After his prison sentence is up, Gupta will be under a one-year probation period in which he will be under full supervision.
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