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Former Goldman Sachs director Rajat Gupta to be released in March 2016

The former McKinsey head suffered a major blow this week when his petition to rehear his insider trading conviction was denied by an appeals court.

twitter-logo PTI   Washington     Last Updated: July 17, 2014  | 12:54 IST
Rajat Gupta to be released in March, 2016
Former Goldman Sachs director Rajat Gupta. (Photo: Reuters)

India- born former Goldman Sachs director Rajat Gupta is expected to be released from a US prison in March 2016, when his two- year term on insider trading charges will end, according to his prison records.

Gupta, 65, reported to the minimum security satellite camp at FMC Devens, Ayer, Massachusetts, on June 17.

According to information on the Federal Bureau of Prisons website, Gupta's release date from prison is March 3, 2016.

Gupta began his prison sentence after fighting a protracted legal battle to clear his name in one of the biggest insider trading schemes in US history.

Apart from the two- year sentence, Gupta has been ordered to pay $ 5 million in fine and a separate $ 6 million in restitution to Goldman Sachs. He also has been ordered to pay $ 13.9 million as penalty in the US Securities and Exchange Commission's parallel insider trading case against him.

The former McKinsey head suffered a major blow this week when his petition to rehear his insider trading conviction was denied by an appeals court.

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