After losing his plea to U.S. Supreme Court Justice Ruth Bader Ginsburg to remain on bail, Rajat Gupta reported to the Federal Medical Center Devens. There he will serve two years for insider trading. He had headed McKinsey at one time. Here is coverage in Bloomberg.
In addition, he also lost his appeal the civil fine for $13.9 million from the SEC. That hurts since the guy isn't a rich man. Some of those speculating about what drove this establishment pillar to crime posit his lust for more wealth. He was only a millionaire. He observed Millennials in tech becoming billionaires, fast.
So, goes the story line, he hooked up with the thugs at the Galleon Fund. Through that connection he may have gotten the seed money for his own hedge fund. Should the fund have succeeded he could have been in a different financial league.
Age 65, he will leave prison at 67. Today that is young old age. Americans of Indian descent have a hunch he will start a comeback back in his native land. There he continues to be respected, especially since he has been a philanthropist for Indian business education.
Meanwhile his sprawling mansion on the Gold Coast of Connecticut (Westport) will be absent his erudite presence. It was reported that post-conviction, he took refuge there analyzing legal documents. His appeal for a new trial or to throw out the conviction is still pending at SCOTUS. His appeal to a lower court was tossed.
Back in Manhattan, the trial begins for Rengan Rajaratnam for insider trading. He is the brother of the founder of Galleon Raj Rajaratnam. The defense strategy includes keeping any family resemblances away from the jury. Incidentally, Raj fared far worse than Gupta. He was sentenced to 11 years.
Reflection: As a corporate ghostwriter I got the edge by citing Gupta's thinking at McKinsey. I never thought I would be as smart as he was. Maybe that has been a good thing.