From the NY Post: Rajat Gupta, the former Goldman Sachs
Group Inc. (GS) director found guilty at an insider-trading trial, should be
required to pay the maximum civil penalty, the U.S. Securities and Exchange
Commission said in a court filing.
Gupta was motivated by personal gain and can afford the $15
million fine the SEC is seeking because he still has tens of millions of
dollars for an “enviable retirement,” Kevin McGrath, an SEC attorney, said in
today’s filing in federal court in Manhattan. The former Goldman executive is
worth about $85 million, evidence at his trial showed, McGrath said.
Imposing the maximum penalty is needed to send a deterrent
message, McGrath said. “Given the enormous profits to be reaped by hedge fund
traders and other industry and corporate professionals, incentives to violate
the law are greater than ever.”
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