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Ex-Goldman executive awaits sentence from NY court

Tue., Oct. 23, 2012, 11:27 p.m.

NEW YORK (AP) — A former Goldman Sachs and Procter & Gamble Co. board member convicted of insider trading is about to learn whether prison or community service is his fate.

Rajat Gupta faces sentencing Wednesday for his role in an insider trading case that prosecutors say was the biggest in history. Already, a former billionaire hedge fund owner who was a good friend of Gupta is serving 11 years in prison for earning up to $75 million illegally.

Gupta is among 25 people convicted in the insider trading case that has relied heavily on wiretaps and cooperation from many of the accused.

The government says a prison term between eight years and 10 years would reflect the seriousness of the crimes and deter others. The defense says his charity work is extraordinary and should result in a sentence of community service.

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