Goldman Sachs Penalty

Global financial titan Goldman Sachs agreed to pay $2.9 billion in penalties to settle criminal charges in the 1MDB Malaysian bribery scandal, the largest US fine ever in a corruption case, the Justice Department announced Thursday.

Galleon Group hedge fund founder Raj Rajaratnam and former Goldman Sachs Group Inc director Rajat Gupta are seeking to overturn penalties imposed against them for insider trading, citing a recent US court decision that narrowed the definition of that offence.

India-born Mr Gupta, 65, will now have to pay $13.9 million as penalty in the US Securities and Exchange Commission's parallel insider trading case against him, in addition to the $5 million fine in the criminal case and $6.2 million restitution to Goldman Sachs.

Former Goldman Sachs Group Inc director Rajat Gupta on Tuesday lost his challenge to a $13.9 million civil penalty and a permanent ban from acting as an officer for a public company, the same day he was scheduled to begin serving a two-year prison sentence.

Former Goldman Sachs Group Inc director Rajat Gupta on Tuesday lost his challenge to a $13.9 million civil penalty and a permanent ban from acting as an officer for a public company, the same day he was scheduled to begin serving a two-year prison sentence.

A day before he is scheduled to begin serving a two-year prison sentence for insider trading, former Goldman Sachs Group Inc director Rajat Gupta asked a federal appeals court to reduce a $13.9 million civil penalty and shorten his lifetime ban from serving as an officer of a public company.

In a brief filed in the US Court of Appeals for the Second Circuit on Monday, Mr Gupta's lawyers argued that the district court "abused" its discretion in imposing the statutory maximum civil penalty on Mr Gupta of $13.9 million, which is triple the benefit hedge-fund manager Raj Rajaratnam had obtained from the tips Mr Gupta allegedly passed on to...

Global financial titan Goldman Sachs agreed to pay $2.9 billion in penalties to settle criminal charges in the 1MDB Malaysian bribery scandal, the largest US fine ever in a corruption case, the Justice Department announced Thursday.

Galleon Group hedge fund founder Raj Rajaratnam and former Goldman Sachs Group Inc director Rajat Gupta are seeking to overturn penalties imposed against them for insider trading, citing a recent US court decision that narrowed the definition of that offence.

India-born Mr Gupta, 65, will now have to pay $13.9 million as penalty in the US Securities and Exchange Commission's parallel insider trading case against him, in addition to the $5 million fine in the criminal case and $6.2 million restitution to Goldman Sachs.

Former Goldman Sachs Group Inc director Rajat Gupta on Tuesday lost his challenge to a $13.9 million civil penalty and a permanent ban from acting as an officer for a public company, the same day he was scheduled to begin serving a two-year prison sentence.

Former Goldman Sachs Group Inc director Rajat Gupta on Tuesday lost his challenge to a $13.9 million civil penalty and a permanent ban from acting as an officer for a public company, the same day he was scheduled to begin serving a two-year prison sentence.

A day before he is scheduled to begin serving a two-year prison sentence for insider trading, former Goldman Sachs Group Inc director Rajat Gupta asked a federal appeals court to reduce a $13.9 million civil penalty and shorten his lifetime ban from serving as an officer of a public company.

In a brief filed in the US Court of Appeals for the Second Circuit on Monday, Mr Gupta's lawyers argued that the district court "abused" its discretion in imposing the statutory maximum civil penalty on Mr Gupta of $13.9 million, which is triple the benefit hedge-fund manager Raj Rajaratnam had obtained from the tips Mr Gupta allegedly passed on to...