Indian-American business tycoon Gupta was found guilty on four out of six counts—three for securities fraud and one for conspiracy.
Washington: Former Goldman Sachs Group Inc board member Rajat Gupta has been convicted by Manhattan Federal Court jury on Friday.
A former director of Goldman Sachs and Procter and Gamble among other storied companies, the Indian-American business tycoon Rajat Gupta (63) was found guilty on four out of six counts—three for securities fraud and one for conspiracy.
Gupta could face up to 25 years in imprisonment. The maximum sentence for securities fraud is 20 years and the maximum sentence for conspiracy is five years. While the Gupta's team of lawyers has indicated that ten years was the maximum he could have been sentenced.
He will be out on bail till the sentencing is announced on October 18. Gupta can appeal against the verdict but in the USA such verdicts are rarely inverted.