Rajat Gupta, a former director of Goldman Sachs, will spend two years in jail and an additional year on supervised release for his role in a sprawling insider-trading scheme on Wall Street. Gupta is to report to prison Dec. 11 and pay $5 million in fines. A jury convicted Gupta of securities fraud and conspiracy in June. Federal prosecutors had sought a prison sentence of as long as 10 years. Gupta's lawyers asked for a term of community service, helping homeless youth in New York or rural poor in Rwanda. Gupta is the highest-profile figure in the federal government's campaign against insider-trading, which the U.S. attorney in Manhattan, has called rampant on Wall Street.
