As mentioned in the RCE Newsletter July 2012, former Goldman Sachs director Rajat Gupta was found guilty of leaking confidential information about the bank. He tipped his hedge fund manager friend, Ray Rajaratnam, with price-sensitive information about Goldman Sachs. The New York court sentenced Rajat Gupta to two years in prison and fined him USD 5 million. The sentence was lenient in comparison with Ray Rajaratnam, who was sentenced to 11 years in prison.