New York: Rajat Gupta, former Goldman Sachs Director and a one-time poster boy of Indians in the US, has begun his two-year jail term for insider trading while losing his appeal against paying nearly USD 14 million in civil penalties and ban on serving as a public company officer. India-born Gupta, 65, will now have to pay USD 13.9 million as penalty in the US Securities and Exchange Commission’s parallel insider trading case against him, in addition to the USD five million fine in the criminal case and USD 6.2 million restitution to Goldman Sachs.
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