Wall Street

Ex-Goldman Head Gets Two Years for Insider Trading

Revealed boardroom secrets to hedge fund buddy

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Fallen Wall Street insider Rajat Gupta was sentenced to two years in prison on Wednesday for leaking Goldman Sachs boardroom secrets to the hedge fund manager at the center of the U.S. government's crackdown on insider trading, a much lighter sentence than prosecutors had sought.

Gupta, 63, who also is a former global head of the McKinsey & Co management consultancy, is the most influential corporate figure to be convicted in a wide U.S. probe of insider trading involving hedge fund managers, traders, consultants and executives.

A Manhattan federal jury in June found him guilty of feeding tips about Goldman Sachs at the height of the 2008 financial crisis to hedge fund tycoon Raj Rajaratnam, his friend and business associate.