SEC Fines Gupta $14M For Passing Secrets To Rajaratnam

Law360, New York (July 17, 2013, 6:57 PM EDT) -- Convicted former Goldman Sachs Group Inc. director Rajat Gupta has been ordered to pay a $13.9 million civil penalty for illegally leaking corporate secrets to hedge fund founder Raj Rajaratnam, the U.S. Securities and Exchange Commission said Wednesday.

U.S. District Judge Jed S. Rakoff of the Southern District of New York handed down the fine and also banned Gupta for life from serving as an officer or director of a public company, according to the commission. In October, Gupta was sentenced to two years in prison...
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