I lost my reputation: Rajat Gupta

Oct 25 2012, 15:48 IST
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Rajat Gupta said he has lost his reputation built over a lifetime and apologised to his family.  (Reuters) Rajat Gupta said he has lost his reputation built over a lifetime and apologised to his family. (Reuters)
SummaryRajat Gupta said he has lost his reputation built over a lifetime and apologised to his family.

A devastated India-born former Goldman Sachs director Rajat Gupta, who was sentenced today for insider trading crimes, said he has lost his reputation built over a lifetime and apologised to his family and colleagues.

Making his first statement since being charged with insider trading over a year ago, Gupta, 63, read from a prepared statement for six minutes before being sentenced by US District Judge Jed Rakoff to two years in prison on securities fraud and conspiracy in federal court here.

"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," Gupta said in a tone that did not betray any emotions.

Standing before the judge for his sentencing, Gupta said, "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."

Gupta said his conviction on insider trading charges by a jury in June this year was "devastating" to him as well as to his friends and family and added that the implications of the verdict to all aspects of his life – personal, professional and financial – have been "profound."

"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 said.

Gupta has been ordered to pay a USD five million fine and would have to surrender in prison on January 8 next year. He will also have to undergo a year of supervised release after his prison term ends.

He had not testified at his trial in June this year and neither had he spoken to the media. Gupta, however, stopped short of taking responsibility for his conviction or admitting his conduct in his statement.

He apologised to the institutions he had worked with over the course of his career, including McKinsey, which he said had to deal with negative publicity because of his insider trading case.

"I spent my entire professional career at McKinsey. It

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