US prosecutors want Rajat Gupta, a former Indian-American director of Goldman Sachs Group, jailed for up to 10 years, but his lawyers suggest he could repay for his "shocking" crimes with community work in rural Rwanda.
Prosecutors have urged a sentence of 97 to 121 months for Gupta, 63, who is scheduled to be sentenced Oct 24 for his June conviction for insider trading on three counts of securities fraud and one count of conspiracy.
"Gupta held positions of extraordinary privilege and prestige," said Assistant US Attorney Richard Tarlowe in a court filing Wednesday, according to the Wall Street Journal.
"He understood as well as anyone the special responsibility that came with being in such an extraordinary position of trust .....Yet, time and time again, over the span of nearly two years, Gupta flouted the law and abused his position of trust."
Gupta, who allegedly passed corporate secrets he learned in the boardroom about Goldman to convicted hedge fund manager Raj Rajaratnam, should also forfeit more than $1.1 million, an estimate of the hedge fund titan's personal gain from his tips, prosecutors argued.
They also wanted Gupta to pay restitution of nearly $6.8 million to Goldman for legal fees, compensation and investigative costs.
However, lawyers for Gupta said he should receive probation and community service because he never profited from the alleged illegal trading, lived an "exemplary" life and had already suffered serious consequences.
As one option, they suggested Gupta work on health care and agriculture in rural Rwanda.
"It would be punishment reflecting the seriousness of the offense of which he was convicted," Gary Naftalis, a lawyer for Gupta, said, while "enabling him to give back to society and employ his talents in a country, and in a manner, consistent with US interests."
In handing down a sentence to Gupta, US District Judge Jed Rakoff, is likely to consider the defence's arguments about Gupta's "exemplary life of uncommon accomplishment" and dedication as a family man despite a demanding career, the Journal said.
That has been reflected in more than 400 letters from Gupta's relatives and supporters, including former UN Secretary General Kofi Annan and Microsoft chairman Bill Gates that Rakoff has received through his lawyers.
A group of major American business organisations and advocacy groups on Tuesday launched a new alliance against what they allege as India's "discriminatory" economic policies, including intellectual property issues, which they claim hurt US jobs and economy.
Malaysian budget carrier AirAsia formally announced the appointment of Subramanian Ramadorai as its non-executive chairman of India operations.
As India's tech hub and Bangalore will get more funds in the new budget for this fiscal (2013-14) to meet its infrastructure needs, Karnataka Chief Minister Siddaramaiah said Tuesday.
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
Reserve Bank today kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows
KTS announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually.
The rupee on Friday strengthened by 35 paise to 57.63 against the dollar in early trade.