|Published:||Oct 24, 2012 4:16 PM EDT|
|Updated:||Oct 25, 2012 6:31 AM EDT|
NEW YORK (AP) - A former Goldman Sachs and Procter & Gamble Co. board member once widely respected for his business smarts has been sentenced to 2 years in prison for insider trading.
Rajat Gupta (rahj-AHT' GOOP'-tah) was sentenced Wednesday in New York. He also was fined $5 million.
Prosecutors had asked that Gupta be sentenced to up to 10 years in prison after he was convicted of feeding inside stock tips to a billionaire hedge fund founder.
The conspiracy was part of a case that prosecutors say was the biggest insider trading case in history. They say up to $75 million in illegal trades occurred over several years. In all, more than two dozen defendants were convicted.
Defense lawyers argued that Gupta's long history of community service and good deeds warranted probation.
At sentencing, Gupta said he regretting his actions, noting he lost a reputation he spent a lifetime building.