Thursday, Nov 27, 2014

Insider trading convict Rajat Gupta plans to pen book on his story, visit India after jail term

Former Goldman Sachs Director Rajat Gupta. (Source: Reuters) Former Goldman Sachs Director Rajat Gupta. (Source: Reuters)
Press Trust of India | New York | Posted: June 14, 2014 2:26 pm | Updated: June 14, 2014 2:31 pm

India-born former Goldman Sachs Director Rajat Gupta, who is scheduled to begin his prison term on June 17, hopes to release a book telling his side of the story and visit India once he completes his two-year sentence, according to a media report.

Gupta, 65, lost his final bid to avoid reporting to jail after the US Supreme Court last week denied his application to remain free on bail while his insider trading case is reheard.

While US district judge Jed Rakoff had recommended that Gupta be assigned to a medium-security prison in Otisville, about 70 miles northwest of New York, a report in the New York Times said he has been assigned to the satellite camp at FMC Devens in Ayer, Massachusetts, close to where his one-time friend Raj Rajaratnam is jailed for insider trading.

Sri Lanka-born former hedge fund billionaire Rajaratnam is lodged in FMC Devens’ federal medical center. He is a diabetic and FMC Devens’ medical unit provides dialysis. His facility is next to the satellite camp where Gupta will be.

According to the report, Gupta’s friends say for the past one year he has been working on a book that will tell his side of the story.

Gupta has also apparently told his friends that once he is released from prison, the first place he wants to visit is native country.

While chances of resuscitation of Gupta’s future in the US are very bleak, he could try lining up consulting assignments from companies in India, the report said.

Indian industrialist Mukesh Ambani was among the several people who had written letters of support for Gupta during his insider trading trial.

“But his sterling calling card—offering Indian executives unparalleled access to American chief executives and politicians—will be badly tarnished,” the report added.

According to a retired Bureau of Prison’s Correctional Treatment Specialist, Gupta would serve approximately 85 per cent of his two-year sentence and could be eligible for transfer to a halfway house prior to his release date.

Although the statutory maximum halfway house is 12 months, white collar offenders with family and financial resources can expect a minimal amount of halfway house placement or direct home detention.

“Based on that, Gupta could be back home by the end of 2015. When Gupta reports to Devens, he will have fought his conviction and efforts to stay out of prison for a longer period of time than he will even be in prison” he said.

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