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Rajat Gupta’s Prison May Be for 10 Years

Former board member of Goldman Sachs Group, Rajat Gupta, justifies spending eight to 10 years in prison for his "wicked" insider-trading offenses, U.S. prosecutors declared in court papers on Wednesday.

Gupta, who is also an ex-chief of management consultancy McKinsey & Co, is put to be prisoner term on October 24 in U.S. District Court in Manhattan. He was found responsible in June of revealing Goldman boardroom secrets to his dodge fund friend Raj Rajaratnam, who is now serving an 11-year prison time for insider trading.

Gupta, 63, is the most powerful business body to be caught in a broad insider trading onslaught of the last four years. His lawyers on Wednesday file court papers asking he be safe prison, citing his years of charitable works, and suggested he be prepared to trial and society service as an alternative.

The government said Gupta should find a major prison term, saying his "crimes are scandalous" and he time and time again disobeyed the law and mistreated his position of hope as a corporate board member.

"Although Gupta's criminal demeanor appears to stand for a departure from an otherwise honest life, Gupta's crimes were not a remote incidence or a brief slip in judgment," Assistant U.S. Attorney Richard Tarlowe wrote in the government's filing. "Certainly, the reverse is true." Prosecutors also said that Goldman is looking for $6.8 million in reward for legal fees and associated costs it paid allied to the Gupta case. About 25 percent of that amount is damages that Goldman paid to Gupta as a director, a court filing declared.

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