Rajat Gupta, the former Goldman Sachs Director who was convicted for insider trading, started his two-year jail term on Tuesday. The 65-year-old also has to pay a huge penalty of $13.9 million.
Here is a brief timeline of Gupta's life and career:
1971 : Born in Kolkata a year after the Indian Independence, Gupta, armed with a graduate degree from the Indian Institute of Technology Delhi, goes abroad to study MBA at Harvard Business School, Massachusetts, US.
1973 : Gupta joins McKinsey, a global management consulting firm in New York, and becomes its managing director the next year and remains its honcho till 2003.
2006 : Gupta joins equity research firm Goldman Sachs' board as director and soon becomes the director of Procter & Gamble's (P&G) board as well.
29 July 2008 : Gupta informs Raj Rajaratnam, founder of Galleon Group, about Wall Street Bank's move to buy AIG or Wachovia on the sidelines of the 2008 cash crunch.
23 September 2008: Rajaratnam makes a profit of $ 840,000 from the information given by Gupta after a Goldman Sachs' board meeting about Berkshire Hathaway's preferred stock investment of $5 billion in it.
23 October 2008 : Gupta, aware of Goldman's financial result showing loss for the fourth quarter of 2008 in a company conference call, contacts Rajaratnam and passes on the information. Rajaratnam benefits avoiding losses to the tune of $3.6 million.
29 January 2009 : Gupta participates in a telephonic audit meeting with P&G over quarterly earnings. SEC alleges that Gupta provided the information to Rajaratnam, who made a profit of $ 570,000.
16 October 2009 : Rajaratnam's arrest for insider trading brings Gupta's involvement to light.
13 April 2010 : SEC probe begins and Gupta resigns from Goldman Sachs.
1 March 2011 : SEC files insider trading charges against Gupta, forcing him to quit P&G board as well.
4 August 2011 : SEC drops administrative proceedings against Gupta, following his lawsuit against them, alleging different treatment in the entire Galleon firm probe.
13 October 2011 : Court sentences Gupta to 11 years in prison and he surrenders to FBI in October.
15 June 2012 : Jury convicts Gupta on four of the six counts - three counts of security fraud and one of conspiracy to commit securities fraud - and sentences him to two-year prison term in October.
25 March 2014: Federal Court rejects Gupta's renewed plea for new trial in the case.
11 June 2014 : US Court rejects his appeal for bail, pending his sentence term.
17 June 2014 : Gupta begins his two-year jail term in Massachusetts.
