<p> Former Goldman Sachs Indian-American board member Rajat Gupta, who was found guilty of tipping corporate secrets to jailed billionaire hedge-fund manager Raj Rajaratnam, has been fined $13.9 million in a related case.<br /><br />Gupta, 64, has also been permanently barred from serving as an officer or director of a public company and from associating with any broker, dealer, or investment adviser, the Securities and Exchange Commission announced here Wednesday citing an order of a federal judge in New York.</p>.<p>The top US regulator said it had previously obtained a record $92.8 million penalty against Galleon Group co-founder Rajaratnam, 56, for prior insider trading charges.<br /><br />Gupta was found guilty on June 15, 2012, of divulging confidential information to Rajaratnam about Berkshire Hathaway's $5 billion investment in Goldman Sachs as well as nonpublic details about the bank's financial results for the second and fourth quarters of 2008.</p>.<p>In October, Gupta was sentenced to two years in prison and ordered to pay a $5 <br />million criminal fine. He is free pending his appeal of the decision.<br /><br />"The sanctions imposed today send a clear message to board members who are entrusted with protecting the confidences of the companies they serve," said George S. Canellos, Co-Director of the SEC's Division of Enforcement.</p>.<p>"If you abuse your position by sharing confidential company information with friends and business associates in exchange for private gain, you will be prosecuted to the fullest extent by the SEC."<br /><br />The SEC said on Dec 26, 2012, it obtained a final judgment ordering Rajaratnam to disgorge his share of the profits gained and losses avoided as a result of the insider trading based on Gupta's tips, plus prejudgment interest.<br /><br />Rajaratnam in June lost an appeal of his 2011 conviction for conspiracy and securities fraud. He was ordered to pay a record $92.8 million penalty in the SEC matter, and to forfeit more than $53.8 million and pay a $10 million fine in the criminal case.<br />He is serving an 11-year prison sentence at the Federal Medical Centre Devens in Ayer, Massachusetts.</p>
<p> Former Goldman Sachs Indian-American board member Rajat Gupta, who was found guilty of tipping corporate secrets to jailed billionaire hedge-fund manager Raj Rajaratnam, has been fined $13.9 million in a related case.<br /><br />Gupta, 64, has also been permanently barred from serving as an officer or director of a public company and from associating with any broker, dealer, or investment adviser, the Securities and Exchange Commission announced here Wednesday citing an order of a federal judge in New York.</p>.<p>The top US regulator said it had previously obtained a record $92.8 million penalty against Galleon Group co-founder Rajaratnam, 56, for prior insider trading charges.<br /><br />Gupta was found guilty on June 15, 2012, of divulging confidential information to Rajaratnam about Berkshire Hathaway's $5 billion investment in Goldman Sachs as well as nonpublic details about the bank's financial results for the second and fourth quarters of 2008.</p>.<p>In October, Gupta was sentenced to two years in prison and ordered to pay a $5 <br />million criminal fine. He is free pending his appeal of the decision.<br /><br />"The sanctions imposed today send a clear message to board members who are entrusted with protecting the confidences of the companies they serve," said George S. Canellos, Co-Director of the SEC's Division of Enforcement.</p>.<p>"If you abuse your position by sharing confidential company information with friends and business associates in exchange for private gain, you will be prosecuted to the fullest extent by the SEC."<br /><br />The SEC said on Dec 26, 2012, it obtained a final judgment ordering Rajaratnam to disgorge his share of the profits gained and losses avoided as a result of the insider trading based on Gupta's tips, plus prejudgment interest.<br /><br />Rajaratnam in June lost an appeal of his 2011 conviction for conspiracy and securities fraud. He was ordered to pay a record $92.8 million penalty in the SEC matter, and to forfeit more than $53.8 million and pay a $10 million fine in the criminal case.<br />He is serving an 11-year prison sentence at the Federal Medical Centre Devens in Ayer, Massachusetts.</p>