Last updateTue, 17 Mar 2015 2pm

#Disgraced: Former Goldman Sachs exec Rajat Gupta heads to jail after losing appeal

Former Goldman Sachs Group director Rajat Gupta on Tuesday lost his challenge to a $13.9 million civil penalty and a permanent ban from acting as an officer for a public company, the same day he was scheduled to begin serving a two-year prison sentence.

An appeals court in New York ruled against Gupta's claim that the penalty and ban were excessive.

A federal jury convicted the 65-year-old in June 2012 of passing confidential information he learned from Goldman board meetings to Raj Rajaratnam, the Sri Lanka-born former billionaire and founder of the Galleon Group hedge fund.

Rajaratnam is serving an 11-year prison sentence.

His younger brother, Rengan, a former Galleon portfolio manager, went on trial on Tuesday in New York on charges that he engaged in an insider trading scheme with his brother.

Gupta was sentenced to a two-year prison sentence as well as $6 million in restitution to Goldman and a $5 million fine as a result of his criminal conviction.

The US Securities and Exchange Commission also filed a parallel civil action against Gupta, leading to a $13.9 million penalty and a lifetime ban from acting as a public company's officer.  Gupta had appealed the civil sanctions as unwarranted.

Gupta was scheduled to report to federal prison on Tuesday.



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